PAC SUN LEASES: Teen retailer Pacific Sunwear of California Inc. said it would correct its accounting for leases, which is expected to reduce net income by $1 million, $300,000 and $600,000 for the fiscal years ended in January 2005,...
PAC SUN LEASES: Teen retailer Pacific Sunwear of California Inc. said it would correct its accounting for leases, which is expected to reduce net income by $1 million, $300,000 and $600,000 for the fiscal years ended in January 2005, 2004 and 2003, respectively. The announcement came a day after Kohl’s Corp. said it would restate financial statements covering the first three quarters of fiscal 2004 as well as fiscal 1998 through 2003 to correct accounting for its leases. Separately Pacific Sunwear also announced that it hired Lou Ann Bett as division president of d.e.m.o. as of May 1. Bett formerly worked for Limited Corp., serving as vice president and general merchandising manager of Express Men’s and Express Women’s.
RADICI SHRINKS: RadiciSpandex Corp. plans to close its Fall River, Mass., office in the coming months, as it consolidates its U.S. corporate functions into Gastonia, N.C. About 12 employees work at Fall River, with half expected to be laid off and the rest having the chance to relocate to Gastonia. The company also is reworking its spinning operations there and combining its sales and customer-service functions. The company’s sales, marketing, logistics, planning and technical customer-service functions will be brought together into a “technical sales” department under Preston Kelly, who was promoted to the new position of director of commercial operations. The firm also has temporarily shut its Gastonia fiber-spinning operation to install equipment and make other changes to produce mid-to-heavy denier fibers. The company said it has enough inventory to continue to meet the market’s needs and plans to reopen the plant by summer.
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