This story first appeared in the November 20, 2003 issue of WWD. Subscribe Today.
- BURBERRY STOCK SALE: Burberry’s majority stockholder, GUS plc, sold 50 million shares of the luxury goods firm Wednesday at 360 pence a share, or $6.11, for a total of $305.5 million, calculated at current exchange. With the sale of 10 percent of its stake, the retail and business services group reduced its holdings in Burberry to 67.5 percent from 77.5 percent. GUS said the sale is intended to increase the liquidity of Burberry’s stock and it will use the proceeds to pay down its own debt. GUS had previously stated its intention to sell part of its Burberry stake. Burberry shares closed at 361 pence, or $6.13, down 21 pence, or $0.36, or 5.5 percent, on the London Stock Exchange.
- SECURING THE PORTS: The U.S. and the European Union have reached a trans-Atlantic cargo security agreement that addresses EU criticism that the U.S. has played favorites in deeming certain EU ports secure from terrorist threats. The agreement, penned Tuesday, will lead to the creation of a secure logistics chain strategy for transporting cargo between the EU and U.S. cargo departing from EU ports that have established antiterrorism protocols get priority clearance upon their arrival in the U.S.
- FILA PROMOTES LIEBERMAN: Danny Lieberman has been promoted to senior vice president of global apparel from vice president of apparel for Fila USA, a subsidiary of Sport Brands International. In his new role, he will supervise and coordinate Fila’s global apparel design, development, production and sourcing. Lieberman, who has been with the company for seven years, will continue to be based at its New York office.
- FOOT CHAIR: Matthew D. Serra, president and chief executive officer of Foot Locker Inc., has been named chairman of the retailer. Serra succeeds J. Carter Bacot, who has served as the company’s non-executive chairman since March 2001. Bacot will remain a member of the board and be designated the lead director. The board declared a quarterly cash dividend of 6 cents, doubling its previous quarterly amount.
- MOORE LANDS AT POLYMER: Willis C. “Billy” Moore, who last month left his post as executive vice president and cfo of Unifi Inc., has been named cfo of Polymer Group, a Charleston, S.C.-based maker of nonwoven fabrics. Moore’s position has not yet been filled, a Unifi spokeswoman said Wednesday. Moore also gave up his position as chairman of the American Textile Manufacturers Institute. He was succeeded by Jim Chesnutt, president and chief executive officer of National Spinning Co.