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government-trade

Article February 20, 1996

<CR><RD><BR><CS:BOLD>LIPMAN RESIGNS AT CUDDLECOAT, CITES MAJOR HOLDER, LORO PIANA<BR><BR>Byline: </CS>Arthur Friedman<BR><BR>NEW YORK -- Josh Lipman resigned Friday as president of Cuddlecoat Inc., makers of the licensed Christian Dior coat line and...


LIPMAN RESIGNS AT CUDDLECOAT, CITES MAJOR HOLDER, LORO PIANA

Byline: Arthur Friedman

NEW YORK — Josh Lipman resigned Friday as president of Cuddlecoat Inc., makers of the licensed Christian Dior coat line and Cuddlecoat’s proprietary label, a post he has held for 10 years.
Lipman’s resignation stemmed from an involuntary Chapter 11 filed last month by several creditors. As reported, the filing resulted from a dispute with Cuddlecoat’s main cashmere supplier, Loro Piana, which also held a seat on Cuddlecoat’s board.
Lipman declined to comment on the specific reasons for his leaving, except to say that Loro Piana had gained control of the firm as its major stockholder. Sources said Loro Piana and Lipman were involved in a dispute over the covenants of a credit facility the mill had supplied.
Cuddlecoat was founded in 1916 by Lipman’s grandfather, Samuel. Josh Lipman worked for the company for 23 years and became president when his father, Justin, died in 1986.
“I wish the workers and the new owners all the best,” Lipman told WWD. “I plan to pursue avenues of opportunity, hopefully within the industry.” Officials at Loro Piana could not be reached for comment.