Word: genesco
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Dates: during 1970-1979
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After Custin left in 1970 to form her own consulting firm, the store floundered. Over the next eight years Bonwit's owner, Genesco, the Nashville shoe manufacturer, brought in five different managers who came and went. After earning a $5 million profit in 1970, the Bonwit chain ran up a series of losses-$4 million last year on revenues of more than $110 million. The revolving-door management made store executives fearful of innovation, and Bonwit's identity as a fashion authority gradually faded. Says a security analyst: "The times changed, and Bonwit's didn...
Last week Genesco Chairman John Hanigan, 67, announced the sale of Bonwit's twelve-story Manhattan building and real estate leases to Developer Donald Trump for $10 million. Allied Stores, a large retail chain, is negotiating to buy Bonwit's twelve branches across the country, which it would operate under the Bonwit Teller name. But at Fifth Avenue and 57th Street, where Bonwit's was rouged cheek by powdered jowl with Tiffany and Bergdorf Goodman, there will probably be some sort of highrise...
Quietly, a host of U.S. companies ?General Motors, Ford, IBM, Genesco, among others?have been negotiating to sell goods to China or set up plants there. But some of the biggest hopes are for Yankee traders to buy oil for the lamps of America. Last week, in a move that seems to signal a new economic pragmatism by Peking's post-Mao leaders, Coastal States Gas Corp. became the first U.S. company ever to buy oil from the People's Republic. The Texas firm signed a deal to bring 3.6 million bbl. of crude into California, beginning early next...
...while, however, Jarman's ap proach seemed to work: in the fiscal year that ended last July, Genesco recorded a $16 million profit, v. a loss of $14.4 million the year before. But as staff morale plummeted and consumer spending flattened out, profits turned downward again and Genesco's creditors became worried about their loans (the company had to refinance $70 million in debt that fell due in November). Stockholders bridled when Jarman announced at the annual meeting in December that Genesco would pay them no dividends before 1978. Common shareholders have received nothing since 1973, and Genesco...
Management discontent and investor distrust came together over the New Year's weekend. Jarman's immediate subordinates, Chief Operations Officer Ralph Bowles and Chief Administrative Officer Larry Shelton, both board members, met with four outside directors -including two associated with institutions that have lent money to Genesco -at the Nashville home of Director David K. Wilson on Sunday night, Jan. 2. The six issued a call to the full board to meet in special session the next day at Genesco's Nashville headquarters. In a session that lasted more than ten hours, the board voted to strip...