Word: genesco
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Dates: during 1960-1969
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Jarman, 61, a Baptist deacon and collector of nonobjective painting, built his father's Nashville, Tenn., shoemaking firm into a $760 million-a-year shoe-and-clothing combine called Genesco Inc. As chairman, he controls some 1,500 retail outlets grouped under 50 firms, including I. Miller, Bonwit Teller, Roger Kent, Henri Bendel. Hoving, 68, stands 6 ft. 2 in. tall and looks every inch what he is: the supremely suave chairman of the grand Fifth Avenue jewelers, Tiffany...
...Pretty Sleepy." It used to be that Hoving worked under Jarman for Genesco, and headed both Bonwit Teller and the then Genesco-owned Tiffany. The two men developed a strong mutual antipathy, and in 1958 Jarman pointedly noted that Hoving was four years short of Genesco's mandatory retirement age, suggested that he start thinking about grooming a successor. Hoving sat tight until 1960, when Jarman finally kicked him out of Genesco. The following year, Hoving got control of Tiffany as head of a syndicate that bought the jewelers from Jarman...
...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...
...arranged the mergers of U.S. Vitamin with Revlon and of whisky-importing Buckingham Corp. with Schenley. Last year Lehman negotiated some 20 mergers, for which the purchase prices totaled more than $700 million. Goldman, Sachs last year put through more than ten key mergers, including Genesco's acquisition of the Kress variety-store chain, Transamerica's purchase of Braniff and Lanvin's purchase of Charles of the Ritz. Other major deals were brought off by such investment bankers as Morgan Stanley, First Boston, and Kuhn, Loeb...
...Each of the major investment bankers commonly has partners on 50 or more corporate boards, also raises capital and sells financial advice to perhaps 100 important companies and has contacts with hundreds of other firms. These bankers know that such companies as Litton Industries, Textron, I. T. & T. and Genesco are so eager to expand that they have set up staffs of their own to search out possible merger mates. They also know that the cigarette manufacturers want to acquire food, beverage or candy firms as a hedge against the cancer scare; last week, for example, P. Lorillard (Kent...