NEW YORK — A former Sears, Roebuck & Co. executive has filed a lawsuit in an Illinois state court alleging that the retailer wrongfully withheld severance benefits owed to him.
Kevin Keleghan, who was president of Sears’ credit division until Oct. 4, filed the suit in Lake County Circuit Court in November. In addition, Keleghan said that chief executive officer Alan Lacy defamed him.
Keleghan’s discharge from Sears was made public when Lacy told Wall Street analysts that he "lost confidence" in Keleghan. At the time, Lacy was discussing the rising delinquency rate in the chain’s $30 billion credit card portfolio.
Sears ended up adding $222 million to its loan loss provision. The disclosures about the credit card division caused a sell-off of shares of Sears’ stock.
A spokeswoman for Sears said: "We did file a response in court. We feel that the company acted appropriately in the departure of Kevin Keleghan."
Sears, as an affirmative defense, said in its court filing that the retailer was "fraudulently induced" to enter into an executive severance-noncompete agreement with the former executive, who asked "Sears to execute it without disclosing to Sears facts that plaintiff feared would lead to his termination."
The agreement was signed one month before the former executive was fired.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast