Word: genesco
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Dates: during 1970-1979
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...world's largest producer and retailer of apparel, Nashville-based Genesco is a family business run with Tennessee savvy by W. (for Walton) Maxey Jarman and his son Franklin, 40. It was a proud day for Maxey when, at 65, he turned over the chairmanship to Franklin three years ago. Quipped Franklin then: "Dad is getting out at a good time...
Those were prophetic words in the light of Genesco's-and the Jarmans' -present situation. As is often the case when a strong-willed patriarch turns over power to his son, relations between the two have become strained. Maxey, an abstemious Southern Baptist who teaches Sunday school, had built Genesco into an empire of 105 operating divisions. Franklin, a member of what Nashville residents call their suburban "Belle Meade jet set," has been hard pressed to coordinate his father's motley acquisitions. At a six-hour board meeting last month the two argued with considerable heat...
...departments have been opened at Sears, Roebuck stores, and at least half of the dress slacks sold by J.C. Penney are double knits. "We're manufacturing men's suits as fast as we can, but we hardly get them into the store before they're sold," Genesco Chairman Frank Jarman told TIME'S Eileen Shields. Adds Ralph Lazarus, chairman of the nationwide Federated Department Stores chain: "Men are buying knit slacks like there is no tomorrow...
...battle cut-rate imports better by increasing its productive efficiency than by raising its protective barriers. Last week Genesco, Inc. and Hughes Aircraft showed off a jointly developed machine that may help U.S. clothing makers to compete. The machine, which looks like a miniature steel rolling mill, maneuvers a laser beam over cloth to cut garments according to computer-determined patterns. It acts with speed, accuracy and a flexibility that human cutters cannot match. It can cut a man's sport coat, a woman's skirt and a child's pair of shorts consecutively from the same...
FRANKLIN M. JARMAN Chairman, GENESCO Nashville...