GOODY’S HEARING ADJOURNED
NEW YORK — A hearing on a move by the ousted chairman and chief executive officer of Goody’s Family Clothing Inc. to continue a restraining order until a special shareholders’ meeting has been adjourned to Dec. 12 in Knox County Chancery Court, Knoxville, Tenn.
Robert M. Goodfriend and his wife Wendy, who control 63 percent of the public Goody’s stock, obtained a restraining order last week to keep Goody’s management from making major decisions until a proposed special meeting of shareholders Jan. 10. At that time, Goodfriend hopes to fire all directors except himself.
Goodfriend was ousted in September because the directors feared his dissatisfaction with management might prompt him to take the company private. Goodfriend’s father founded the 171-unit moderate-priced apparel company 41 years ago. The Knoxville-based firm went public in 1991.
On Dec. 12, Goodfriend’s attorneys are expected to argue that the temporary restraining order should become an injunction until the proposed special shareholders’ meeting.
— Fairchild News Service