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Deficient management leads INDITEX on the verge of fail BUCHAREST, ROMANIA - Zara wants to cover losses from theft with employees’ money. The management, theft and losses give headaches to the Spanish group INDITEX, the owner of the ZARA chain. Only 10 months before, on July 25th, 2011, the publication Ziarul Financiar announced the fact that “INDITEX takes the manager from the Douglas perfumeries” pointing at Paul Cuza, who previously had the function of General Manager for Parfumerie Douglas SRL. Currently, the Romanian INDITEX group performs salary and structural changes without precedent, which the management team from Bucharest doesn’t want to explain. The problem of the clothes theft is a known phenomenon, especially when it comes to expensive brands such as ZARA or Massimo Dutti. The phenomenon was publicly recognized even by the management of the INDITEX Group Romania, two years before. Probably worried by this fact, Mihai Cioltea, the development manager of the INDITEX Group from Romania, also named by the press as “the Zara man”, stated in 2010 for the economic website InCont the following: “They steal a lot. Only for the stores in Bucharest we have 10 cases of stealing per day, which we discover and, depending on the severity, we call the police”.[...] Read the rest of the article... |
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NEUBERGER BERMAN EQUITY FUNDS
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 16, 2000 Pursuant to a vote of shareholders held on March 30, 2001, Neuberger Berman FOCUS Fund became a non-diversified Fund. Accordingly, the Statement of Additional Information for the Investor, Trust and Advisor Classes of Neuberger Berman Equity Funds is hereby amended as follows, to make clear that the fundamental investment limitation on diversification does not apply to that Fund:
INVESTMENT POLICIES AND LIMITATIONS
3. DIVERSIFICATION (ALL FUNDS EXCEPT NEUBERGER BERMAN FOCUS FUND). No Fund may, with respect to 75% of the value of its total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities ("U.S. Government and Agency Securities"), or securities issued by other investment companies) if, as a result, (i) more than 5% of the value of the Fund's total assets would be invested in the securities of that issuer or (ii) the Fund would hold more than 10% of the outstanding voting securities of that issuer. In addition, Neuberger Berman FOCUS Fund has adopted the following non-fundamental investment limitation: DIVERSIFICATION (NEUBERGER BERMAN FOCUS FUND). The Fund is a non-diversified fund; however, the fund intends to qualify as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended, which requires that, among other things, at the close of each quarter of the Fund's taxable year (i) with respect to 50% of its total assets, no more than 5% of its assets may be invested in the securities of any one issuer and (ii) no more than 25% of the value of its total assets may be invested in the securities of a single issuer. These limits do not apply to U.S. Government and Agency Securities or securities of other RICs. THE DATE OF THIS SUPPLEMENT IS APRIL 17, 2001. NEUBERGER BERMAN
Neuberger Berman Management
New York, NY 10158-0180 |
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