GUCCI MEETING: Gucci Group’s annual shareholders’ meeting will be held July 15 in Amsterdam. In a statement Wednesday, Gucci said its supervisory board has declared a cash dividend of 50 cents a common share from the profits earned in fiscal 2001. The statement said Amsterdam Euronext bearer shares and New York Stock Exchange registered shares will both commence trading ex-dividend on July 19, and that the record date for NYSE registered shares is July 23.
This story first appeared in the May 30, 2002 issue of WWD. Subscribe Today.
NIKE NOTES: Nike Inc. plans to issue up to $500 million in medium-term notes, according to a filing with the Securities and Exchange Commission. The offering is part of Nike’s $1 billion shelf registration. The notes will mature at least nine months after issuance and bear varying interest rates. Proceeds from the sale are slated for general corporate purposes like refinancing of debt, working capital, capital expenditures and investments in subsidiaries. Agents for the offering include Merrill Lynch and Banc of America Securities and Banc One Capital Markets.
KMART DELAYS: A hearing on the compensation of two former Kmart executives has been pushed back until September, the same time that the bankrupt retailer expects to complete its internal review of the “stewardship” of the company under prior management.
The two executives, David Montoya, former executive vice president of operations, and John Owen, former senior vice president and general merchandise manager, both agreed to the extension. They each filed motions earlier this month requesting immediate payments per previous employment contracts, with Montoya seeking $132,000 for unpaid severance and a first-year bonus and Owen seeking unpaid severance of $432,000. The hearing was supposed to have been on Wednesday. Kmart on Wednesday also received Chicago bankruptcy court approval to resume licensing deals with Sesame Street and Avmark Inc., with the retailer paying Sesame Street $5.1 million and Avmark $1.9 million to settle outstanding royalty payments. The court previously approved licensing deals with Martha Stewart Living Omnimedia and Walt Disney. Avmark makes the Curtis Mathes brand of audio/video equipment.””