Word: genesco
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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...
Like a child torn by a parental custody fight, Genesco, the sprawling retail and apparel concern, rocked back and forth for years in a war for control between two strong-willed personalities: W. Maxey Jarman and his son Franklin. In the end both lost. Four years ago, Franklin, now 45, ousted his father as company head and set about stripping Genesco of unprofitable businesses that Maxey had acquired in an unsuccessful attempt to expand sales to $2 billion a year. (They are about half that now.) Then, last week, Franklin himself was bounced in a coup organized over...
...Henri Bendel, Bonwit Teller) business. Jarman, a numbers man who carries an elaborate pocket calculator, lopped off several divisions, including San Remo men's suits and I. Miller women's shoes, and slashed 10,000 employees from the payroll. The surgery alienated the heads of many of Genesco's 78 operating divisions, who resented Jarman's lack of merchandising expertise. Some grumbled that Jarman "ran a fashion business as though it were a bank...
...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...