Investor Daniel Loeb, who last month blasted Warnaco Group Inc.’s top officials in a filing with the Securities and Exchange Commission, has reduced his stake in the firm —and toned down his rhetoric. This followed a meeting with Warnaco chief executive Joseph Gromek and the appointment of a new chief financial officer at the diversified apparel firm.

Investment firm Third Point Management Co. LLC, of which Loeb is managing member, sold more than 1.2 million shares of Warnaco for about $22.4 million between Aug. 29 and Sept. 17, according to a Schedule 13D filing with the SEC. Prices ranged from $16.12 to $16.72 a share and the total cost was about $24 million. This reduced Third Point’s holdings in Warnaco to 2.1 percent of outstanding shares, below their previous level of 5 percent, the minimum at which firms and individuals must report their holdings in publicly held firms to the SEC.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus