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  • INDUSTRY NEWS

    • On September 29, 2014, it was reported, Kingsdown's original lawsuit against former CEO Eric Hinshaw said he paid himself more than $1 million a year in salary from 2000 to 2010, and also paid himself more than $10 million in bonuses in that time period, without consideration by the company's board. But a few days later the company filed an amended lawsuit that said that Hinshaw approved and paid himself more than $10 million in salary and cash bonuses from 2000 to 2010 or about $10 million less than the compensation figure alleged in the earlier lawsuit. Hinshaw, now a consultant to Carolina Mattress Guild in Thomasville, N.C., said the wide difference in those two allegations reflects the reckless nature of the charges being made against him. The original lawsuit said that no board member other than Hinshaw was aware of or approved Hinshaw's compensation from 2000 to 2010. But the amended lawsuit provides a slightly different account, saying "The board members were not aware of nor did the board approve Mr. Hinshaw's compensation during this time period."
    • On September 29, 2014, it was reported, Standard General LP is in talks to improve RadioShack's cash position in advance of the holiday season. The hedge fund said it was in talks with the struggling retailer to buy the company's loans and other commitments under its asset-backed credit facility. Standard General has also raised its stake in RadioShack to 9.8% from 7.08%. It is now the retailer's largest shareholder. Standard General and certain unnamed investors would invest in the credit facility, and the investors have committed to provide draft financing to fund the transaction, the hedge fund said in a regulatory filing. The investment could also be the first step of a broader recapitalization that may include Standard General and the investors acquiring a stake in RadioShack, according to the report. RadioShack had $30.5 million in cash and $658.0 million in debt as of Aug. 2.
    • On September 29, 2014, Sears Holding Co. said four more Minnesota Kmarts, three of them in the metro area, will close by December. The Pioneer Press reports on the latest round of store closures by Kmart parent Sears, which has been shuttering stores for years in a bid to cut costs and turn itself around financially. The stores are in Anoka, Blaine, Burnsville and Waite Park, just west of St. Cloud. Together, they employ 226 workers, most of them part-time. The stores will begin closeout sales late this month.
    • On September 29, 2014, it was reported, in its latest management shakeup, American Apparel has named Scott Brubaker as interim CEO, effective immediately. He replaces John Luttrell, who is resigning. Luttrell took the reins of the troubled company in June after the board removed controversial founder Dov Charney from the top spot for alleged misconduct. He also served as CFO. Brubaker, 43, is a managing director at consulting/turnaround firm Alvarez & Marsal, and has handled interim leadership jobs for specialty retailers, including Eddie Bauer, in the past. In related news, the retailer named Hassan Natha as executive VP and CFO, effective immediately.