Word: maxey
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...millinery store that Henri Bendel started in 1890 had fallen out of step with fast-changing fashions. It was on the "wrong" side of Fifth Avenue and was losing a staggering $1.5 million a year on 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...
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...
...Bonnie Miller, 37, who had said on arrival, "I feel like I'm going to a foreign country," reported at week's end: "The city is full of families and people having fun. I'd just love to stay for a whole month." Texas Delegate Glen Maxey, 24, and a friend, about to be turned away from the posh, 65th-floor Rainbow Room in Rockefeller Center because they were coatless and tieless, reminded the headwaiter that "your mayor told us we could go anywhere we wanted." The headwaiter smiled and, wonder of wonders, escorted them...
Flying Divots. He forced through the company's board a reorganization plan that named him Genesco's first chief executive officer. A year later, Maxey Jarman retired from the board; although he visited the Genesco headquarters almost daily to chat with friends, he and his son hardly spoke. Meanwhile, Frank shut down 177 marginal Kress stores, sold such subsidiaries as San Remo men's suits and I. Miller women's shoes, slashed more than 10,000 employees from the payroll and installed a new management team. "There were a lot of people around here who didn...
Franklin Jarman remains unsatisfied: he is anxious to resume dividend payments. But one Genesco stockholder who seems pleased by developments is none other than Maxey Jarman. Not long ago, he sent his son a copy of a book on airplanes, inscribed with a kind personal note. In return, Frank Jarman sent him a copy of Futurologist Herman Kahn's optimistic book The Next 200 Years. Says Franklin Jarman: "Time heals everything." Profits help...