Home / Knowledge / News / Fashion / Phoenix Footwear cut jobs
Phoenix Footwear cut jobs
17
Feb '09
Phoenix Footwear Group Inc, as previously announced, has been conducting a review of its strategic alternatives with the assistance of BB&T Capital Markets, a division of Scott & Stringfellow Inc.

As a result of these efforts, the Company is presently engaged in discussions, meetings and negotiations with various parties - including its CEO, Cathy Taylor - which may result in the Company divesting or exiting certain operations. To date, no definitive agreements have been reached for such transactions, nor can any assurances be given that any such transactions will be approved or consummated.

Concurrent with these discussions, Cathy Taylor and Doug Ford have stepped down from their positions as CEO and Director, and CFO, respectively. The Company has also restructured its operations, eliminating 17 positions for an annual cost savings of approximately $2.5 million. These reductions are effective Feb 16 and will result in a charge for severance during the first quarter of 2009.

In the wake of these changes Russell Hall has been named President and Chief Executive Officer of Phoenix Footwear Group while Dennis Nelson has been named the Company's Chief Financial Officer.

Mr. Hall has been with the Company since 2000 and most recently has been responsible for its Trotters, SoftWalk and Chambers divisions. Dennis Nelson has been the Company's controller since June of 2008, prior to which he was Director of Finance for TaylorMade-adidas Golf Company.

The Company expects to be reporting year end results in late March; however, it does not intend to provide ongoing disclosure with respect to its strategic efforts until a definitive agreement is approved unless disclosure is otherwise appropriate.

Phoenix Footwear Group Inc


Must ReadView All

Digital textile printing sector to grow by 20% by 2020

Textiles | On 18th Jun 2018

Digital textile printing sector to grow by 20% by 2020

The digital textile printing sector is expected to have a compound...

Courtesy: Hela Clothing

Apparel/Garments | On 18th Jun 2018

Hela's latest label revolves around underwear, sleepwear

The latest collection of Sri Lanka’s Hela Clothing is revolves mostly ...

Kenya levies higher duties on mitumba import

Apparel/Garments | On 18th Jun 2018

Kenya levies higher duties on mitumba import

Kenya’s treasury secretary Henry Rotich recently raised the duty on...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search