PAULUS TO LEVI’S: Daniel O. Paulus, former vice president and general merchandise manager of Reebok International Ltd.’s retail division, was named general manager of the new Levi Strauss and Designs Inc. venture.
The 10-year agreement calls for 35 to 50 Original Levi’s and Levi’s Outlet stores to open over three to five years.
The agreement took effect Sunday. Designs will hold a 70 percent interest in the venture and have responsibility for day-to-day operations. Levi’s will hold a 30 percent20interest and have responsibility for merchandising, marketing and image-related operations. The joint venture will open stores in 11 Northeastern states and Washington. Levi’s wants to open 190 stores on its own over the next five years in other markets.
HASHIM JOINS CHARMING: Charming Shoppes has named Koko Hashim fashion director, a new position, of the specialty store chain. She was director of fashion coordination at Lane Bryant for the past nine years.
Charming Shoppes operates 1,428 stores under the Fashion Bug and Fashion Bug Plus names.
Before Lane Bryant, Hashim was executive vice president and fashion director at Here & There, a fashion forecasting service; vice president, fashion director, at Neiman Marcus, and fashion director for women’s apparel at Bloomingdale’s.
DYLEX UNDER FIRE: Toronto-based Dylex Ltd., which last week said it would settle trade claims by paying 60 cents in cash and 40 cents in new stock, took heat from creditors Friday who said the plan lacks a schedule of payments.
Specifically, creditors want a schedule for distributing the cash payment, but they also have concerns about Dylex’s plans to shut 193 stores and its demands for discounts for cash-on-delivery shipments.
“A number of [suppliers] are going to be under very strong cash flow pressures,” said Jack Kivenko, president of the Ottawa-based Canadian Apparel Federation and chairman of Jack Spratt Manufacturing, a Dylex supplier. “The numbers are not totally what we would like.” Dylex filed for court protection, similar to Chapter 11 in the U.S., this month. It plans to cut 1,400 jobs.
CARSON’S BUYBACK: Carson Pirie Scott has authorized the purchase of up to 3 million shares of the company’s stock for $19 a share in a new 13-percent 10-year subordinated note.
As of Jan. 26, Carson’s had 19.4 million shares outstanding.
The firm expects to complete the exchange by the end of March.
Stanton J. Bluestone, president and chief executive officer, said, “This move will not in any way affect our desire or ability to acquire Younkers. However, if we are unsuccessful in our attempt to acquire Younkers, our current plan would be to then use our excess cash to redeem, at par, the 13-percent subordinated notes to be issued in the exchange offer.”