Word: warnaco
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...Selling signature skivvies with Warnaco. A new deal will put her undies in stores next fall...
...most visible, the WorldCom duo wasn't the only prey: telecom firm Qwest, already under investigation by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ), is close to restating the past three years of earnings by more than $1 billion; apparel maker Warnaco is now in the SEC's cross hairs; and prosecutors were driving a hard bargain in plea negotiations with ImClone's ex-CEO Samuel Waksal, insisting that he accept at least seven years in prison on insider-trading charges and declining to spare his family members from prosecution...
Despite being pummeled into bankruptcy, Warnaco's brands still have great value. That--and the fact that they are already in deep--is one of the reasons the banks have loaned Warnaco even more money. But if the bankruptcy court decides to sell off assets, rivals such as VF Corp., Kellwood, Jones Apparel and Sara Lee would be potential buyers. Although technically abrogated by the Chapter 11 filing, the Calvin Klein license, at least for the moment, will probably stay with Warnaco until the judge rules on it. So too, most likely, will Wachner. Her contract includes an estimated...
...below a cadre of long-serving top lieutenants, there has been an unusually high level of staff turnover during her watch. Warnaco insists that it's no different from the usual number of revolving doors on Seventh Avenue, but last week, in the first of many expected defections, the head of Warnaco's Authentic Fitness division, Christopher Staff, jumped ship...
Shareholders find it harder to ignore some of Wachner's more complicated dealings--like her dual role as chairman of both Warnaco and Authentic Fitness for much of the past decade. Wachner and a group of investors bought Warnaco's Speedo swimwear division in 1990 and took it public two years later as Authentic Fitness, only to bring it back to the corporate fold in 1999--a bit of financial gymnastics that helped prop up Wachner's bank account but ultimately loaded Warnaco's balance sheet with an extra $600 million in debt...