Word: firmed
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Dates: during 1980-1989
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...choose between the Warner merger and Paramount's cash. But Allen found that the board's moves were consistent with Time's long-term plan to merge with Warner. He wrote, "The corporation law does not operate on the theory that directors, in exercising their powers to manage the firm, are obligated to follow the wishes of a majority of shares. In fact, directors, not shareholders, are charged with the duty to manage the firm...
...independence and freedom of its publications. While Allen stopped short of endorsing that concern as a primary basis for blocking a takeover bid, he indicated that the preservation of such ideals does carry weight. Wrote Allen: "This culture appears in part to be pride in the history of the firm -- notably TIME magazine and its role in American life -- and in part a managerial philosophy and distinctive structure that is intended to protect journalistic integrity from pressures from the business side of the enterprise...
...loft building with hardwood floors and exposed industrial pipes, J. Crew is far from folksy. The company's offerings are decidedly casual but with a note of sophistication. Arthur Cinader, 61, J. Crew's chairman, describes the J. Crew look as "understated flair." Cinader, whose family-owned firm operates a clothing-and-furnishings catalog business called Popular Club Plan, started J. Crew six years ago and had an almost instant...
...Crew is a family affair: Cinader's 28-year-old daughter Emily is the firm's president and chief of design, though she had no previous business experience when she joined the company in late 1982. Another daughter, Maud, 23, directs location photography for J. Crew. Nepotism may work: the company expects that its catalog sales this year will reach $150 million, up 50% from...
...Crew, the two partners were frustrated entrepreneurs. Says Aschkenes: "We didn't want to be sitting on rocking chairs when we were 80 years old, never having tried it on our own." They raised $6 million in venture capital financing and now control a minority interest in the firm. The rivalry with their former bosses should be lively since the renegades have hired 18 former employees of J. Crew...