KMART PENSION DEAL: As many as 150,000 Kmart workers and retirees of the former Kmart Corp. may share in a proposed $11.75 million settlement of a lawsuit filed in March 2002 against ex-Kmart officials over the investment of pension funds. The agreement must first be approved by a federal district court in Detroit. The complaint alleged that Kmart’s former officials breached their duties to pension plan participants by allowing excessive investments in company stock despite knowing that Kmart was headed for bankruptcy, according to court documents. Kmart filed under Chapter 11 on Jan. 22, 2002 and emerged from bankruptcy in 2003 as Kmart Holding Corp. In March, the company merged with Sears, Roebuck and Co. and became the Sears Holdings Corp.
QUIKSILVER BOARD: Quiksilver Inc. added three directors in an effort to boost retail and international expertise on its board, effective Dec. 1. The Huntington Beach, Calif.-based action sports company, which also owns the Roxy women’s brand and Rossignol ski label, named Laurent Boix-Vives, Timothy Harmon and Charles Exon to the board. Boix-Vives had served as chairman and chief executive officer of Skis Rossignol SA, which Quiksilver acquired this year. Harmon is the former president and chief merchandising officer of retailer Pacific Sunwear of California Inc. Exon is director of the nonprofit Quiksilver Foundation and has served as general counsel and executive vice president at the company.
WET SEAL CFO: John Luttrell on Tuesday was named executive vice president and chief financial officer at Wet Seal Inc., succeeding Douglas Felderman, who left in August for personal reasons. Luttrell resigned from Cost Plus on Tuesday. He was senior vice president and cfo of the home goods and entertainment product specialty retailer for five years and was promoted to executive vice president of finance in October 2004. Luttrell’s previous jobs were at Bugle Boy Industries Inc., Midway Airlines Inc. and Arthur Andersen. Wet Seal, the Foothill Ranch, Calif.-based specialty apparel chain, is undergoing an operational turnaround and has seen monthly same-store sales jump more than 40 percent in each of the last six months.
This story first appeared in the November 30, 2005 issue of WWD. Subscribe Today.