KOHL’S SOCAL SANTA: Kohl’s Department Stores expects to hire about 4,200 workers when it makes its long anticipated entry into Southern California with 28 stores next spring, the company said Monday. The firm, which currently has 457 stores in 33 states, expects to open eight stores in Orange County, seven in Los Angeles County, three in Ventura County and five stores each in Riverside and San Bernadino counties.
This story first appeared in the December 17, 2002 issue of WWD. Subscribe Today.
SHARE AND SHARE ALIKE: Coach Inc. chief executive officer Lew Frankfort on Dec. 12 has entered into an agreement with Goldman, Sachs & Co. to sell approximately 300,000 shares, worth about $10 million at the close of business Monday, of his Coach common stock. According to a filing released by the Securities and Exchange Commission Monday, the shares to be sold will be acquired by exercising, depending on the price, approximately 867,000 options worth $28.8 million, which will net Frankfort approximately 345,000 shares of stock worth $11.5 million after the cost of exercise and related taxes. He will then sell 300,000 of those shares between January and August 2003 in order to diversify a portion of his assets. Coach said the sales will be timed to follow the company’s regular second-, third- and fourth-quarter earnings releases. As of Aug. 31, Frankfort beneficially owned 1.7 million common shares worth $56.6 million, or 1.9 percent, of Coach’s total common stock. Coach shares closed at $33.27, up 77 cents or 2.4 percent, in New York Stock Exchange trading Monday.
SIMON GOES TO THE SOURCE: Simon Property Group filed a preliminary proxy statement with the Securities and Exchange Commission to enable it to ask shareholders of Taubman Inc. to call a special meeting. An affirmative response from at least a quarter of Taubman’s shareholders will require the mall developer to hold the meeting, at which Simon wants to ask them to vote on Simon’s $18-per-share cash offer for its rival. Shares of Taubman closed on Monday at $16.38, up 13 cents in Big Board trading.