In Brief: No Wellman Indictment … Pac’s Team … Nike Adds One …
NO WELLMAN INDICTMENT: Polyester maker Wellman Inc. said in a statement released late Wednesday that the U.S. Department of Justice’s antitrust division had informed the firm that it would not be indicted for price fixing. In July, the...
NO WELLMAN INDICTMENT: Polyester maker Wellman Inc. said in a statement released late Wednesday that the U.S. Department of Justice’s antitrust division had informed the firm that it would not be indicted for price fixing. In July, the Shrewsbury, N.J.-based company disclosed that the government had been probing its actions on that front from September 1999 to January 2001. Wellman was the third U.S. polyester firm snagged in that investigatory net. Earlier, KoSa had pled guilty and an employee of Nan Ya Plastics Corp. was found not guilty.
PAC’S TEAM: Anaheim, Calif.-based specialty teen retailer Pacific Sunwear of California Inc. has announced the appointment of former Toys ’R’ Us chairman and chief executive officer Michael Goldstein to its board. Goldstein, who worked for the toy retailer from 1983 to June 2001 in executive positions that also included vice chairman, is now chairman of the Toys ’R’ Us Children’s Fund Inc., a charitable foundation. Before moving to Toys ’R’ Us, Goldstein was senior executive vice president of operations and finance at discount apparel chain Lerner’s Stores Corp.
NIKE ADDS ONE: Starbucks president and chief executive officer Orin C. Smith has joined Nike’s board of directors. Smith, 62, began at Starbucks in 1990, and has been president and ceo since 2000. “Orin is the perfect match for Nike,” Nike chairman and ceo Philip H. Knight said in a statement. “He manages one of the most successful and admired companies and brands in the world.” Smith, one of 10 board members, will serve on Nike’s audit committee. The company on Tuesday also recognized the contributions of three retiring directors: John E. Jaqua, 83; Richard K. Donahue, 77, and Charles W. Robinson, 83. Each served on Nike’s board for more than 25 years. “John, Dick and Chuck were instrumental in building this company into what it is today,” Knight said.
SETTLED: A subsidiary of True Religion Apparel Inc. has reached a settlement with a former contractor. The case began last December, when True Religion’s Guru Denim unit filed a lawsuit against former shareholder, the Indigo Group USA, and its co-owner Jeremy Lew, seeking $800,000 in damages. It alleged the contractor was contacting Guru’s other business partners in an effort to mar the label’s reputation. One month later, Indigo and Lew filed a cross-complaint, charging breach of contract and fraud. Terms of the settlement weren’t disclosed. But Guru did provide Indigo, a boutique contractor which also produces denim for Hard Tail and Arden B., with a new production order that would increase depending on its outcome, said Jeffrey Lubell, president and chief executive officer of True Religion.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)