MACDONALD'S NEXT MOVE: Julien Macdonald has a new backer, British private investor Jamey Hargreaves. The new company will be called Julien Macdonald Ltd., and the designer will assume the role of creative director; Hargreaves will become chairman. The partners plan to build up the creative team, move to new offices in London and eventually open stand-alone stores. Macdonald had been running his business solo, and Hargreaves had worked at his family company, Matalan, a value clothing retailer, for the past 20 years.

GENESCO SUBPOENA: Genesco Inc. said Monday that it had received a subpoena from the Office of the U.S. Attorney for the Southern District of New York "for documents relating to the company's negotiations and merger agreement with The Finish Line." The company said in a statement that the "subpoena states that the documents are sought in connection with alleged violations of federal fraud statutes." Genesco chairman and chief executive officer Hal Pennington said in a statement that the "subpoena comes on the heels of the baseless fraud allegations made by UBS 10 days ago. These allegations are completely without merit and are simply part of UBS' litigation tactics to avoid their contractual obligations; we will fully cooperate with the U.S. Attorney in connection with their inquiry. Most importantly, we will not be deterred from enforcing our rights under the merger agreement." UBS was the banker involved in the financing of the deal, announced earlier this year.

SEARS' OFFER: Sears Holdings Corp. is offering Restoration Hardware shareholders $6.75 a share for the company, according to a Securities and Exchange Commission filing. This tops a prior buyout offer made by private equity firm Catterton Partners for $6.70 a share. Sears also reiterated its request to enter into a confidentiality agreement with the home furnishings and accessories retailer, but Restoration Hardware's special committee was unwilling to enter an agreement.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus