Word: genesco
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Dates: during 1970-1979
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...Making Genesco airworthy again required a sharp reversal of the relentless acquisition policy pursued by the elder Jarman, who bought up companies large and small. Some of the acquisitions -most notably the S.H. Kress chain, bought for $65 million in 1963, and a bevy of foreign textile and clothing makers-turned out to be clunkers. By early 1973 the situation had become so serious that Frank. Jarman staged a palace revolt...
Failing Fortunes. That saga is the true story of Genesco Inc., the footwear, apparel and retail giant that W. Maxey Jarman built in Nashville, Tenn. In 1969 Jarman, then 65, turned over the chairmanship to his brash, M.I.T.-educated son Franklin, but retained a firm grip on the corporate purse strings by remaining head of the finance committee. To many, Frank Jarman's ascendancy amounted to rank nepotism-a suspicion that seemed justified when, in 1972, Genesco sales began a steady decline. In 1973 Genesco reported a $52.9 million loss, the first in its history; two years later there...
...Instead, Genesco has made a strong comeback. Through the first nine months of the fiscal year ending June 30, the company racked up profits of $14.9 million. Sales were up 3%, to $864 million. In February Genesco was able to market a $70 million bond issue that will enable it to get past the November deadline for repaying much of its long-term debt. Says Jarman, 44, a former naval reserve pilot and hot-air balloon enthusiast who salts his conversation with aviation lingo: "We're committed to takeoff...
...Genesco...
...fiscal year ended July 3 1, sales of Genesco's various divisions (Bonwit Teller, I. Miller, Flagg Bros. Shoes) reached a record $1.4 billion, but the company lost $53 million. To stop the drain, Franklin has decided to close 100 women's shoe stores, to sell an Italian men's clothing firm, and is even unloading the 347-unit S.H. Kress variety store chain. He has already shut down three textile plants in Tennessee and North Carolina. Together, these operations accounted for $18 million of the fiscal-1973 red ink. From now on, says Frank the Knife...