• MADISON AVENUE GIVES: This Sunday marks the 17th annual Miracle on Madison Avenue event, where 150 Madison Avenue-based retailers, restaurants and galleries donate 20 percent of the day’s sales to The Children’s Aid Society, a health-care program that serves New York’s neediest children and families. Giorgio Armani, Borghese, DKNY, Ralph Lauren, Prada, Hermès and David Yurman are expected to participate. The event kicks off at noon with a ribbon cutting by designer Liz Lange at 69th Street and Madison Avenue, and follows with entertainment at various tents between 57th and 86th Streets, until 5 p.m.

  • ALL IN THE FAMILY: Members of the Zimmer family announced plans to tender a cash offer to acquire all outstanding shares of Reeds Jewelers Inc. With the offer the family anticipates bumping its ownership stake up to at least 90 percent, purchasing shares through a newly formed affiliate at a price to be determined. Alan Zimmer, president and chief executive officer, and eight other family members collectively own approximately 87.5 percent of outstanding stock. Any remaining shares not obtained in the offer will be acquired in a “short form” merger of Reeds and the affiliate. No approval from Reeds’ board of directors is necessary.

  • FRIEDMAN’S NEW TEAM: Friedman’s Inc., the troubled jewelry retailer based in Savannah, Ga., has established an office of the chairman following the resignation of Bradley Stinn as its chief executive officer. In addition to Douglas Anderson, president and chief operating officer, the group consists of Robert Cruickshank, a company director who has been named nonexecutive chairman, and Richard Cartoon, appointed interim financial consultant following the departure, as reported, of chief financial officer Victor Suglia on a leave of absence. A search for a new ceo will commence shortly. Friedman’s also said that, due to technical defaults under its credit facility, it was suspending dividend payments and was in talks with its lenders. As reported, Friedman’s is under investigation by the Securities and Exchange Commission regarding allegations of fraud brought against it and other defendants by Capital Factors.

  • YOOX R US: Yoox, the online designer clothing and accessories Web site, has launched Baby Boom, a virtual children’s wear and accessories department. The Italy-based e-commerce site that specializes in discounted, end-of-season designer collections, currently stocks Diesel Kids, Roberto Cavalli Angels and Devils, Vintage 55, Fiorucci and Simonetta.Yoox unveiled the new area on Nov. 26 and in the first three days, sold 20 percent of its stock, the company said. As reported, in September Yoox received an injection of $5.8 million from Benchmark Capital, an international venture capital fund, and plans to use the money to develop a presence in the Far East and expand in the U.S., one of its fastest-growing markets.

To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus