Word: genesco
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Dates: during 1980-1989
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DIED. W. Maxey Jarman, 76, former chairman and chief executive of Genesco, who by 1969 had expanded his father's shoe business into the world's largest apparel conglomerate; after a long illness; in Nashville...
...sales of $3 million. W. Maxey Jarman, then chairman of Ge-nesco, Inc., a Nashville-based apparel conglomerate, snapped up the indebted store and turned it over to an unlikely boss: Geraldine Stutz, a onetime model and shoe editor at Glamour, who had successfully run the advertising for Genesco's I. Miller shoe stores. After reluctantly deciding to accept the job, Stutz swept through Bendel like a fall hurricane tearing through the Caribbean. Says a former employee: "It was 24 hours a day, and she has a temper...
Three years ago, Genesco's new chairman, John Hanigan, began shifting company strategy away from women's fashion and back to shoes and men's wear. Recalls Stutz's friend and Vogue Consulting Editor Diana Vreeland: "Gerry had her eye on buying the store for years." When she saw the conglomerate's new policy, Stutz asked Hanigan if he would give her first refusal on Bendel. After some scurrying to find an international group of Swiss-based financiers, Stutz was able to beat the best offer that Genesco had received...