TARRANT’S CHANGE: Tarrant Apparel Group has amended its contract for the sale of its Mexican factories announced last August. The purchase price for the equipment and facilities of the affiliates of company shareholder Kamel Nacif will include $105,400 in cash and the delivery of $3.91 million in unsecured promissory notes bearing annual interest at 5.5 percent in lieu of 4.72 million shares of Tarrant common stock. As part of the amendment, Tarrant chairman and principal shareholder Gerard Guez will purchase 4.6 million shares of company stock from the buyers at a price of $0.85 per share worth $3.91 million. In addition, Tarrant’s chief financial officer Corazon Reyes agreed to purchase 124,000 shares from the buyers at the same price.

MOSSIMO HIRE: Clothing designer Mossimo Inc. said Tuesday Vicken Festekjian has been named chief financial officer. Festekjian joins Mossimo from the accounting firm of Moss Adams LLP, where he served as manager and spent three years on the Mossimo account. Mossimo’s former cfo, Mali Shrinivas, resigned in August after concern arose over this background and experience. Co-chief executive officer Edwin Lewis had stepped in as the interim cfo. For the third quarter ended Sept. 30, the company posted a quarterly loss of $125,000, or 1 cent a share, down from a profit of $630,000, or 4 cents a share, last year. Revenue for the period rose to $4.9 million from $4.2 million, but the increase was offset by selling, general and administrative costs that grew to $4.5 million from $3.1 million.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus