TWO OUT AT TOO: Tween girl retailer Too Inc. said Kent Kleeberger, executive vice president and chief financial officer, and James Petty, president and general manger of Limited Too, resigned effective June 23. According to the company, Kleeberger and Petty are leaving to “pursue other career interests.” William May, a 29-year veteran currently serving as the company’s chief operating officer, will take over Kleeberger’s responsibilities as cfo. A search for Petty’s replacement is under way.
ON THE ROCKS: Poiray, the French jeweler, has filed for the equivalent of Chapter 11 debt protection. A hearing today at the commercial court in Paris will determine if the firm will be liquidated or granted debt protection. A spokeswoman for the house, which was founded in the mid-Seventies, confirmed it had lost $398,055, or 334,500 euros at current exchange, over the last three years. Sales last year were $7.1 million, or 6 million euros at current exchange, she said. Poiray, owned by the Swiss investment fund Lac Investment, employs 35 people and operates four boutiques in France.
MORPHING MARZOTTO: Changes are afoot at Marzotto. Just one year into his tenure, Giovanni Gajo has stepped down as chairman of the fashion and textile company. Marzotto was mum on the departure, saying only that Gajo left “for personal reasons” and that deputy chairman and chief executive officer Antonio Favrin will soon call a board meeting to address the issue. No word yet on a successor, but an Italian press report named Andrea Donà dalle Rose, a Marzotto shareholder, as a contender for the job. At Marzotto, the chairman’s post is considered to be a symbolic one as Favrin oversees daily operations at the company. As noted, there have been divisions between members of the Marzotto family. A year ago, the family formed a new shareholders’ pact that excluded patriarch Pietro Marzotto.
COURT TO HEAR AGRICULTURE CASE: The Supreme Court said Monday it would consider the legality of a promotion program for beef, which had been struck down by the Eighth Circuit Court of Appeals. The system is funded by a mandatory fee paid by beef farmers, and finances the “Beef: It’s What’s for Dinner” campaign, among other things. Importers questioned whether a review of the beef organization could lead to a review of the cotton checkoff, which funds Cotton Incorporated. “As a practical matter, as goes beef, so will go cotton and the many other commodities subject to these programs,” Brenda Jacobs, counsel to the U.S. Association of Importers of Textiles and Apparel, wrote in a memo to organization members.