Word: wachner
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...last week, in the eyes of her many critics, she got what she really deserved: a very public complete dressing-down. Saddled with some $3 billion in debt and liabilities from Wachner's acquisition spree and stock buybacks, Warnaco filed for bankruptcy protection. Wachner's collection of fashion brands suddenly doesn't look too flattering. The fallout from a tabloid-headlined legal tussle with Calvin Klein, not to mention a slumping retail economy, adds another wrinkle...
...apparel fell before the likes of Intimate Brands (Victoria's Secret), Banana Republic, VF Corp. (Vanity Fair) and Sara Lee (Playtex, Wonderbra), the company lost $338 million. Trading in Warnaco's stock, which reached $44 in 1998, was suspended last week after it tumbled to 39[cents] a share; Wachner resigned from the board of the New York Stock Exchange. Her personal stake in the company has plunged from around $200 million to $1.8 million...
...greedy," says a senior executive at one of the many department stores that became increasingly disenchanted with Wachner as she expanded her brands from the stores' exclusive environs to the warehouse floors of membership clubs like Costco, B.J.'s and Sam's Club...
Creditors want to get paid, shareholders want her out, and the SEC is looking into the company's accounting practices, but in defending her turf, Wachner could well redefine tenacious. And she'll have help. Her circle of support includes such corporate heavyweights as former American Express chairman Harvey Golub, a new Warnaco board member, and Citigroup boss Sanford Weill, whose Citibank, along with J.P. Morgan Chase, is part of a collection of banks that will provide Wachner with $600 million in debtor-in-possession financing. That will buy her a few months to try to clean things up. "Under...
...complexities of manufacturing and distribution have proved too much for many fashion designers, Calvin Klein among them. Getting two legs on a pair of pants seems to be their limit. So Wachner came to the rescue. A master of fashion marketing, she became one of the principal licensees for Klein, making jeans and underwear and giving him 5% to 10% royalties in return. She practically invented the men's fashion-underwear business and grew Klein's total sales from $55 million to $340 million...