In Brief: Gromek’s Green … PacSun Settles … Financing of Note …
GROMEK’S GREEN: Joseph Gromek, appointed president and chief executive officer of Warnaco Group on April 15, will receive a $900,000 a year base salary during his first two years of employment and an opportunity to double that figure if...
GROMEK’S GREEN: Joseph Gromek, appointed president and chief executive officer of Warnaco Group on April 15, will receive a $900,000 a year base salary during his first two years of employment and an opportunity to double that figure if performance targets are met. According to the definitive proxy filed by the firm with the Securities and Exchange Commission Tuesday, Gromek is guaranteed a $450,000 bonus during the current year and can earn as much as $900,000 in bonus pay during both fiscal 2003 and 2004. Under terms of the two-year contract, which renews automatically for additional one-year terms unless notice of termination is given at least 180 days prior to its anniversary, Gromek was granted 150,000 shares of restricted stock and a 10-year option to purchase 600,000 shares of Warnaco stock. In Nasdaq trading Tuesday, Warnaco shares closed at $11.07, down 4 cents, or 0.4 percent.
PACSUN SETTLES: Pacific Sunwear of California Inc. on Tuesday said it had reached an agreement to settle two lawsuits regarding overtime pay for $4 million. The lawsuits, Auden v. Pacific Sunwear of California Inc. filed on Sept. 17, 2001, and Adams v. Pacific Sunwear Inc. of California filed May 3 of last year, claimed PacSun improperly classified certain California-based employees as "exempt" from overtime pay. While the Anaheim-based teen and young adult specialty retailer denied the allegations, PacSun said it agreed to the settlement "to avoid the cost, distraction and uncertainty associated with protracted litigation during the important summer and back-to-school selling seasons." The company said the settlement, which is subject to court approval, will have no material impact on first-quarter results.
FINANCING OF NOTE: Guess Inc. Tuesday issued through a private placement $75 million in 6.75 percent notes due 2012, secured by assets including Guess’ intellectual property and licenses and royalty stream. Proceeds will be used to help repay the firm’s 9.5 percent senior subordinated notes due August 2003. Maurice Marciano, co-chairman and co-chief executive officer, said in a statement, "We are pleased with the completion of this financing transaction which improves our balance sheet by leveraging the strength of the Guess brand."
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye
Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye