CANDIE’S SETTLEMENT: Candie’s Inc. has settled all claims filed by the Securities and Exchange Commission in connection with a four-year investigation into the firm’s accounting practices. The settlement was the subject of an SEC administrative action last week in which the company agreed to a cease-and-desist order without admitting or denying any wrongdoing. The SEC did not assess a fine against the company. In a separate but related matter, Neil Cole, chief executive officer, similarly has settled claims filed by the SEC without admitting or denying any wrongdoing and will pay a $75,000 fine. Because of the fine, court approval of the settlement is still required as a formality, according to the SEC. Similarly, settlements with former Candie’s executives who also were assessed fines in their respective matters still await the court’s consent.
DOLLAR’S LOSS: Donald S. Shaffer, president and chief operating officer of Dollar General Corp., resigned Wednesday “to pursue other opportunities,” the company said. He held those titles since May 2001 and also served as acting chief executive officer from November 2002 through April 2, 2003. A search for a successor has begun, said David A. Perdue, ceo. DG operates 6,329 neighborhood stores in 27 states.
This story first appeared in the May 8, 2003 issue of WWD. Subscribe Today.