POLLACK NAMED CEO OF BISCAYNE APPAREL
NEW YORK — John E. Pollack, who has been president and chief operating officer of Biscayne Apparel, Clifton, N.J., since 1991, has been named chief executive officer.
That post had been held by Earl W. Powell, who remains as chairman of the publicly traded firm.
Pollack, who is also a member of the Biscayne board, was a founder, stockholder and director of Andy Johns Fashions, one of the corporate predecessors of Biscayne Apparel. He had served as vice president and chief operating officer of that company from its founding in 1975 until its acquisition by Biscayne in May 1986. From May 1986 to September 1991, Pollack was an executive officer of the Andy Johns Fashions division.
Powell said in a statement that since Pollack became Biscayne’s president and chief operating officer in 1991, the company’s revenues have grown about 35 percent and earnings have improved from an operating loss of $456,000 to operating income of $4.96 million last year.
In another development, Biscayne said it received a $63.5 million credit facility from a bank group led by The Chase Manhattan Bank. The facility includes a revolving credit loan of $56 million and a term loan of $7.5 million.
The manufacturer said that the loan will be used to refinance its existing debt and provide financing for working capital and capital expenditures. It will also eliminate temporary financing for Biscayne’s November acquisition of M&L International, Inc., a designer and manufacturer of children’s outerwear.
Pollack said that the new facility supports the growth of operations at a reduced cost of capital as well as enabling Biscayne to complete the financing of the M&L acquisition.
Biscayne Apparel is a diversified manufacturer, importer and exporter of apparel. Along with M&L and the Andy Johns division, which makes women’s and children’s outerwear, Biscayne’s holdings include Mackintosh of New England, a manufacturer and importer of women’s wool coats and outerwear, and Varon, a maker of girls’ underwear and daywear.
Biscayne also owns a minority interest in Hartwell Sports Inc., which makes casual jackets, knit shirts and activewear.
Last week, the company, whose stock is traded on the American Stock Exchange, declared a 5 percent stock dividend for the second consecutive year. The dividend is payable May 31 to shareholders of record on May 24.
— Fairchild News Service