NEW YORK -- The Gitano Group Inc. said three of its outside board members resigned Tuesday, following the company's decision to put itself up for sale.
The resigning directors are Norman Matthews, a consultant and former president and vice chairman of Federated Department Stores; Michael Goldstein, vice chairman and chief administrative officer of Toys "R" Us Inc., and Kevin Kennedy, a Goldman Sachs & Co. partner.
Gitano's three remaining board members are two insiders -- Robert E. Gregory, chairman and chief executive officer, and C. William Crain, vice chairman and chief administrative officer -- and one outsider, Peter J. Mansbach, an attorney with Kronish Lieb Weiner & Hellman. As reported, Gitano's decision to seek a buyer followed Wal-Mart Stores decision to stop buying from the company as a result of Gitano's violations of federal customs laws in 1991 and 1992. Separately, The New York Stock Exchange said it would move to delist the company from trading. The exchange said it was taking the action because of the proposed sale and Gitano's statement that it was unlikely that a sale would realize more than $130 million, the amount the company owes secured lenders.
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