Word: jarman
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Making Genesco airworthy again required a sharp reversal of the relentless acquisition policy pursued by the elder Jarman, who bought up companies large and small. Some of the acquisitions -most notably the S.H. Kress chain, bought for $65 million in 1963, and a bevy of foreign textile and clothing makers-turned out to be clunkers. By early 1973 the situation had become so serious that Frank. Jarman staged a palace revolt...
Failing Fortunes. That saga is the true story of Genesco Inc., the footwear, apparel and retail giant that W. Maxey Jarman built in Nashville, Tenn. In 1969 Jarman, then 65, turned over the chairmanship to his brash, M.I.T.-educated son Franklin, but retained a firm grip on the corporate purse strings by remaining head of the finance committee. To many, Frank Jarman's ascendancy amounted to rank nepotism-a suspicion that seemed justified when, in 1972, Genesco sales began a steady decline. In 1973 Genesco reported a $52.9 million loss, the first in its history; two years later there...
...ending June 30, the company racked up profits of $14.9 million. Sales were up 3%, to $864 million. In February Genesco was able to market a $70 million bond issue that will enable it to get past the November deadline for repaying much of its long-term debt. Says Jarman, 44, a former naval reserve pilot and hot-air balloon enthusiast who salts his conversation with aviation lingo: "We're committed to takeoff...
...order to persuade his reluctant son Franklin to join the family firm, W. Maxey Jarman once threatened to cut off his inheritance. Even after Franklin, now 41, became chairman of Nashville-headquartered Genesco Inc. in 1969, father-son squabbling continued; in 1972 the Genesco board trimmed Franklin Jarman's authority by giving his father "added management responsibilities," but company troubles mounted and Franklin was restored to full command. Last week the younger Jarman displayed his authority by announcing that he would shrink the size of the company that Maxey built...
...that, Rosemary Jarman does manage to convey the lush, devious, bawdy ambience of her chosen century, makes lively a time, place and society that once were and now still seem passing strange. -A.T. Baker