• STEVE & BARRY’S DELAYED AGAIN: There’s no deal yet for Steve & Barry’s. The creditors and the bankrupt retailer wrangled into the night Thursday over a proposed sale to BHY S&B Holdings LLC, a newly formed affiliate of investment firms Bay Harbour Management and York Capital Management. At 8 p.m., the parties agreed to spend another night hammering out a deal to satisfy the concerns of Manhattan federal bankruptcy court judge Allen Gropper.
This story first appeared in the August 22, 2008 issue of WWD. Subscribe Today.
• WAL-MART SETTLES: Wal-Mart Stores Inc. on Thursday said it reached a settlement with Tom Coughlin, a former vice chairman, who resigned in 2005. The settlement allowed the retail giant to avoid a civil trial on the day it was scheduled to begin. According to a form 8-K report that Wal-Mart filed Thursday with the Securities and Exchange Commission, Coughlin will forego all outstanding rights and claims under his retirement agreement, as well as any additional unpaid or withheld benefits under the company’s retirement and other benefit plans, the total of which is estimated to be about $17 million, not including health benefits. Wal-Mart agreed to pay Coughlin $6.75 million. Coughlin resigned from Wal-Mart after an internal investigation into improper use of gift cards and other expenses in which the company accused him of misappropriating some $500,000. He subsequently admitted to stealing thousands of dollars from the retail giant and, in January 2006, pleaded guilty to federal charges of wire fraud and tax evasion. He was sentenced to 27 months of home detention plus five years probation. He also was ordered to complete 1,500 hours of community service and pay $400,000 in restitution. Wal-Mart filed a suit against Coughlin in an effort to void his retirement agreement. Coughlin filed a countersuit, but dropped one of his three claims on Monday.
• NIKE PROMOTES SPRUNK: Eric Sprunk, vice president of global footwear for Nike Inc., has been named vice president for product, a new position. Based in Beaverton, Ore., Sprunk will report to Charlie Denson, president of the Nike brand. Sprunk, 44, joined Nike in 1993 as finance director for the Americas region. During his 15-year career, Sprunk has held several financial and general management jobs. Jan Singer, 44, will succeed Sprunk. Singer joined Nike in 2004 and had been vice president of footwear sport culture.