MARCIANO KEEPS YES GOING WITH MORE MONEY

Byline: Thomas J. Ryan

NEW YORK--Georges Marciano has put another $3.3 million into Yes Clothing Inc., saving it from liquidation, and will take over as its chairman and chief executive officer today.
Irving Kroll had been acting chairman. Kroll, a retired managing partner at the Kenneth Leventhal accounting firm, will remain as a director. The ceo post had been vacant. As reported, the Los Angeles-based junior apparel firm said on June 12 that it "would be forced to close its doors and liquidate its assets" unless it received a substantial infusion of capital.
Marciano, a founder and formerly ceo of Guess Inc., said Sunday in a telephone interview that he bought 2.6 million shares June 13 at $1.25 each, increasing his stake in the company to 87 percent from 78 percent. In January, Marciano acquired 3 million shares--his initial stake in Yes Clothing--for $6 million, or $2 each.
"With this capital infusion, I think we will be in good shape," said Marciano. For the year ended March 31, Yes's losses widened to $4.7 million from $2.8 million, while sales inched ahead 2.4 percent to $28.6 million from $27.9 million. -- Fairchild News Service

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