WASHINGTON -- Georges Marciano may start selling off his 20.6 percent stake in Cherokee Inc., a maker of women's casual apparel and footwear that emerged from bankruptcy proceedings last June, according to a Securities and Exchange Commission...
WASHINGTON -- Georges Marciano may start selling off his 20.6 percent stake in Cherokee Inc., a maker of women's casual apparel and footwear that emerged from bankruptcy proceedings last June, according to a Securities and Exchange Commission filing.
Marciano, who resigned last year as chairman and chief executive officer of Guess Inc., "has concluded that he does not intend at this time to acquire any more shares of [Cherokee] and that he will consider from time to time the sale of his shares," said the Form 13D filing.
Marciano, who listed his principal occupation as "a private investor," paid between $3.75 and $4.375 last June for 995,000 Cherokee shares, as reported. In July he purchased 35,000 shares for $4.625 each, according to the document. Cherokee shares closed Friday in over-the-counter trading at 4 3/4, unchanged.
Marciano decided to consider selling shares after "reevaluating his investment goals following his recent sale of his position in Guess Inc...in light of other investment opportunities," the filing said
Marciano previously has said his purchases of stock in Cherokee and other apparel companies were for investment purposes only. The filing said his decision regarding Cherokee "does not reflect any change in Mr. Marciano's views about the company's business or prospects, but rather reflects his personal decisions about his own investment objectives."
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