NIKE UNDER FIRE: Nike has asked its customers to cooperate with the Florida state attorney general’s investigation into alleged price fixing on its activewear and athletic footwear, said Vada Manager, director of global issues management. Nike...
NIKE UNDER FIRE: Nike has asked its customers to cooperate with the Florida state attorney general’s investigation into alleged price fixing on its activewear and athletic footwear, said Vada Manager, director of global issues management. Nike received a letter from the Florida attorney general Charlie Crist’s office last month notifying the company that a civil investigation was under way. The Sports Authority is among the retailers that has been asked to provide information."We’ve provided some documents and have asked any other retailers to cooperate," Manager said. "From this point, we don’t see anything substantial or material issue regarding our conduct." He said the "principal companies" with which Nike does business have been contacted but didn’t disclose any names. The Sports Authority has provided some documents for the investigation, said Frank Bubb, legal counsel for The Sports Authority, declining further comment. Foot Locker is reportedly another chain cooperating with the investigation. Phone calls to Crist’s office and Foot Locker were not returned at press time.
YES, WE KAHN-KAHN: Thomas Kahn, president of Kahn Brothers & Co., the investment firm that holds the biggest block of Haggar Corp. shares, has terminated his proxy contest to have himself and investor Mark Schwarz added to the company’s board in exchange for Kahn taking one of the two new directors’ seats. Kahn will serve a two-year term as director, while James Neal Thomas, retired senior audit partner of Ernst & Young, will serve for a single year. Thomas and Kahn will be on Haggar’s audit committee. Additionally, Rae Evans and Donald Godwin will stand for reelection to three-year terms on the board. Godwin was to have relinquished his seat because Haggar’s bylaws require a majority of directors to be independent, but the expansion of the board to eight members from six will mean that independent directors will maintain a majority. The selection of directors is expected to be confirmed at the company’s annual meeting in Dallas on April 2.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"