Retailer Friedman's Inc reorganization plan successful
14 Dec '05
2 min read
Under the Plan, the SEC and the EDNY established a trust for the limited purpose of pursuing claims against various parties in connection with the events, which led to the investigations of the Company. Any recoveries in connection with trust claims will be distributed to the Company's unsecured creditors. The trust was funded by an amount up to $8,000,000 to pursue such claims.
The Company's existing senior management team will continue to lead the Company post-emergence, and will consist of Sam Cusano as Chief Executive Officer, Pam Romano as President and Chief Operating Officer, and Steve Moore as Chief Administrative Officer and General Counsel.
Founded in 1920, Friedman's Inc is a leading specialty retailer based in Savannah, Georgia. The Company is the leading operator of fine jewelry stores located in power strip centers and regional malls.
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