Word: jarman
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Dates: during 1960-1969
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...Jarman, 61, a Baptist deacon and collector of nonobjective painting, built his father's Nashville, Tenn., shoemaking firm into a $760 million-a-year shoe-and-clothing combine called Genesco Inc. As chairman, he controls some 1,500 retail outlets grouped under 50 firms, including I. Miller, Bonwit Teller, Roger Kent, Henri Bendel. Hoving, 68, stands 6 ft. 2 in. tall and looks every inch what he is: the supremely suave chairman of the grand Fifth Avenue jewelers, Tiffany...
...Pretty Sleepy." It used to be that Hoving worked under Jarman for Genesco, and headed both Bonwit Teller and the then Genesco-owned Tiffany. The two men developed a strong mutual antipathy, and in 1958 Jarman pointedly noted that Hoving was four years short of Genesco's mandatory retirement age, suggested that he start thinking about grooming a successor. Hoving sat tight until 1960, when Jarman finally kicked him out of Genesco. The following year, Hoving got control of Tiffany as head of a syndicate that bought the jewelers from Jarman...
...week, and it concerned control of Julius Garfinckel & Co., which runs not only the District of Columbia's highest quality fashion store, but also, as a subsidiary, Manhattan's famed Brooks Brothers. For at least six years, Hoving has tried, and failed, to take over Garfinckel & Co. Jarman recently made a tender offer of $43.50 per share for 575,000 of Gar-finckel's 1,075,000 outstanding shares. At a press conference, Jarman said that Garfinckel's was a "pretty sleepy" company, which had neglected its opportunities. "We hope to add some life," he said...
...Court in Washington, charging that a Genesco takeover would suppress or reduce competition among clothing and retail shops in New York, Washington and other cities. Garfinckel's asked for treble damages for the $500,000 it claimed it had already lost in business and property value because of Jarman's takeover efforts...
Hoving eagerly jumped to battle with his old foe. At his own expense, he wrote to fellow Garfinckel stockholders, saying that he did not think Jarman's business methods were "very commendable" and urging everyone to refute Jarman's "dubious claims" about Garfinckel's. Speaking for Jarman, who was on vacation in Nassau, Genesco President Ben H. Willingham retorted that Hoving was conducting a "personal vendetta" against Jarman...