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

AmCham Cambodia cautions US against possible sanctions

Apparel/Garments | On 22nd Sep 2018

AmCham Cambodia cautions US against possible sanctions

In a letter to US lawmakers, the American Chamber of Commerce...

Courtesy: ycloset

Apparel/Garments | On 22nd Sep 2018

Alibaba invests in clothes sharing platform Ycloset

Chinese garment sharing platform YCloset has completed an undisclosed ...

KG cracker; courtesy: Ineos

Textiles | On 22nd Sep 2018

Ineos to invest £60 mn in the UK to expand production

Ineos has announced plans to invest £60 million to expand its...

Interviews View All

Representatives, Textile & apparel industry

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Pinkesh Jain, Everflow Petrofils Ltd

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Nitin Soni, Dolphin Jingwei Machines

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Suresh P Bagrecha,

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Karan Behal,

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

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

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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


September 2018

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

news category


Related Categories:

Advanced Search