FELINA BUYS JEZEBEL: Los Angeles-based Felina Inc. has acquired the name and assets of Jezebel from Elliot Roberts, a private investor. The purchase price was not available, but the Jezebel bra brand generated wholesale sales of about $20 million in the mid-Nineties. Roberts bought the Jezebel trademark and assets in October 2001 from Foothill Capital, a factoring firm that took over the Jezebel business from Sirena Inc. after it filed for bankruptcy. By the late Nineties, Jezebel’s volume was between $4 million and $5 million, said Robert Zarabi, president and chief executive officer of Felina. “We are ultimately targeting the same accounts Jezebel once had and our goal is to do $5 million to $7 million the first year,” said Zarabi. “With retail prices ranging from $24 to $29, this goal should be very attainable.” The Jezebel brand, more than 50 years old and known for its specialty push-up bras, is aimed at major department and specialty stores, as well as boutiques and private label for specialty chains.
SPIEGEL RESTATEMENT: Due to greater than anticipated losses on the yet to be completed disposition of its credit card business, the Spiegel Group will restate its earnings for 2001 in its 10-K statement, which it is late in filing with the Securities and Exchange Commission. This development has also delayed the restructuring of the firm’s credit facilities, which was expected to be wrapped up by mid-April. In the meantime, Spiegel is relying on the $160 million in funding provided by its majority shareholder, Otto Versand GmbH. Downers Grove, Ill.-based Spiegel also has requested a hearing with the Nasdaq Listing Qualifications Panel to prevent a delisting due to the late filing.