NIKE TAPS KARVER: Nike has promoted Gerald Karver, a 21-year veteran with the sneaker giant, to vice president of apparel operations. He succeeds Joseph Tomaselli, who left the company two months ago, a spokeswoman said. Tomaselli had been commuting to Nike’s corporate headquarters in Beaverton, Ore., from his home in San Francisco. Most recently, Karver was divisional vice president of footwear product creation. In his new role, Karver, 48, handles all aspects of sourcing, production and compliance for apparel. Mindy Grossman, vice president of global apparel, said, "Jerry Karver has a terrific background in finance, international service and the entire product creation cycle. The combination will bring invaluable strategic and organizational vision to the Nike apparel effort, worldwide."

A FRIEND IN NEED: Saks Inc. and a group of other investors came to the rescue of FAO Inc., helping the firm avoid possible liquidation by agreeing to purchase $30 million of the bankrupt toy retailer’s convertible preferred stock. As reported, FAO, which runs the FAO Schwarz chain, said Monday it had lost its exit financing after "unexpected complications" led purchasers of its equity to withdraw. In February, Saks laid out plans to take a minority stake in FAO and begin opening licensed shops inside its department stores this fall. FAO plans to exit Chapter 11 bankruptcy court protection next week.

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