Word: garfinckel
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...lune 1960. I remained as chairman of Tiffany & Co., and with a group of associates, purchased it from Genesco in October 1961. There is another inaccurate statement that may be just a typographical error. You say, "For at least six years Hoving has tried, and failed, to take over Garfinckel & Co." It was Mr. Jarman who wanted Garnnckel's. I have never had the slightest interest in buying Garfinckel...
...down on an agreement with me, and it took a court case to settle the matter in our favor. But I admire Hoving's ability and wish him success in his business. I do not know his motives in opposing our offer to buy the stock of Julius Garfinckel & Co., Washington, D.C., at a higher price than stockholders have ever had a chance to receive before. But I presume he had some business reasons...
...latest outburst of the JarmanHoving feud came last week, and it concerned control of Julius Garfinckel & Co., which runs not only the District of Columbia's highest quality fashion store, but also, as a subsidiary, Manhattan's famed Brooks Brothers. For at least six years, Hoving has tried, and failed, to take over Garfinckel & Co. Jarman recently made a tender offer of $43.50 per share for 575,000 of Gar-finckel's 1,075,000 outstanding shares. At a press conference, Jarman said that Garfinckel's was a "pretty sleepy" company, which had neglected its opportunities...
...Dubious Claims." Garfinckel's management filed an antitrust suit in Federal Court in Washington, charging that a Genesco takeover would suppress or reduce competition among clothing and retail shops in New York, Washington and other cities. Garfinckel's asked for treble damages for the $500,000 it claimed it had already lost in business and property value because of Jarman's takeover efforts...
Hoving eagerly jumped to battle with his old foe. At his own expense, he wrote to fellow Garfinckel stockholders, saying that he did not think Jarman's business methods were "very commendable" and urging everyone to refute Jarman's "dubious claims" about Garfinckel's. Speaking for Jarman, who was on vacation in Nassau, Genesco President Ben H. Willingham retorted that Hoving was conducting a "personal vendetta" against Jarman...