This story first appeared in the October 24, 2006 issue of WWD. Subscribe Today.
- SAKS CHANGES: Continuing to downsize its corporate office in Birmingham, Ala., in the wake of sell-offs, Saks Inc. said three executive vice presidents — Douglas E. Coltharp, chief financial officer; Kevin G. Wills, finance and chief accounting officer, and Charles J. Hansen, general counsel — will resign on May 4. At that time, Michael G. Archbold will become executive vice president and chief financial officer, assuming responsibilities handled by Coltharp and Wills. Archbold is currently chief financial and administrative officer for Saks Fifth Avenue Enterprises. A search for Hansen’s replacement is under way. Saks Inc. recently sold Parisian and its Southern Department Store Group to Belk Inc. and its Northern Department Store Group, consisting of Carson Pirie Scott, to the Bon-Ton Stores Inc., to focus on Saks Fifth Avenue Enterprises. Corporate executive functions are being folded into the Saks offices in Manhattan.
- ARMANI IPO A NO-GO: A Giorgio Armani SpA spokesman Monday denied an Italian press report suggesting the firm is preparing to list shares on the stock market. “Any meetings that we may be having with members of the financial community are simply part of our overall approach of providing information in an open and professional way to those who follow our sector as exemplified by the way in which we publish our annual report,” the spokesman said. The article, which ran in Monday’s Corriere Della Sera, said Armani has been in contact with both Morgan Stanley and Merrill Lynch regarding a stock market float. The paper cited unnamed sources valuing Armani between 3.5 billion euros, or $4.42 billion, and 5 billion euros, or $6.31 billion.