Federated Department Stores Inc. and Herbert Mines Associates Inc. said Thursday that they’ve settled their litigation over an executive recruitment matter in connection with Federated’s Stern’s division. While the parties declined to provide details of the settlement, they noted that “no payment or other financial consideration was exchanged in connection with the settlement.”
The retailer sued Mines for alleged “tortious interference” with a contract of Matt Serra, who was chairman and chief executive officer of Stern’s until Mines recruited Serra to run Foot Locker Worldwide three years ago. The lawsuit was first filed in Cincinnati and later refiled in Manhattan federal court.
Retail chain Labels for Less is closing up shop. The chain on Wednesday filed a petition for Chapter 11 in Manhattan bankruptcy court. The filing is a Chapter 11 liquidation, which gives the retailer control over how it will wind down its operations. Fourteen affiliated companies also filed petitions.
As of Feb. 25, according to court documents, the company reported assets of $7.6 million and liabilities of $9.3 million. The retailer has 88 employees and several hundred creditors, it said.