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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... |
We respect intellectual property rights and will take appropriate steps to protect these rights. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K
CURRENT REPORT
October 3, 1997 CRUISE AMERICA, INC.
Page 1 of 5 Pages
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CRUISE AMERICA, INC.
3
[GRAPHIC OMITTED]
For Immediate Release
CRUISE AMERICA REPORTS ADVERSE JURY DECISION MESA, Arizona (October 3, 1997) -- Cruise America, Inc. (AMEX: "RVR") today announced that a California jury awarded damages of approximately $2.2 million against the Company's subsidiary, American Land Cruisers of California, Incorporated (ALCCAL). The action was first brought against ALCCAL in May 1987 and has been tried twice previously. The first trial resulted in a judgement for the plaintiff in the amount of $3.5 million. That judgement was reversed on appeal and remanded for retrial. The second trial resulted in a net judgement for the Company of $399,000. That judgement was reduced on appeal and again remanded for retrial. The issue of punitive damages in the third trial is still before the jury. The management of Cruise America, Inc. believes the most recent jury verdict is unjust and that the damages awarded are inappropriate and excessive. The Company intends to vigorously pursue a reversal of these decisions or the reduction or elimination of the damages awarded through post-trial motions and through the California Court of Appeals. Pending appeal, the Company intends to set up a reserve for damages in its second fiscal quarter, which ends October 31, 1997. The damages award will not have any adverse effects upon the Company's daily operations, which will continue as normal. Cruise America, Inc. believes that it is one of the largest companies in North America specializing in the rental and sale of recreational vehicles, including motorhomes, truck campers and motorcycles. The Company's common stock trades on the American Stock Exchange under the ticker symbol "RVR". For additional information, please contact: Randall Smalley, President and CEO at (602) 464-7300 or R. Jerry Falkner, CFA, Investor Relations at (800) 377-9893.
11 WEST HAMPTON AVENUE / MESA, ARIZONA 85210
PHONE: (602) 464-7300 FAX: (602) 464-7302 4 [GRAPHIC OMITTED] For Immediate Release
CRUISE AMERICA REPORTS ADDITIONAL DAMAGES IN
MESA, Arizona (October 8, 1997) -- Cruise America, Inc. (AMEX: "RVR") today announced that a California jury has awarded punitive damages of approximately $2.6 million in a lawsuit against the Company and one of its subsidiaries, American Land Cruisers of California, Incorporated (ALCCAL), bringing the total amount awarded in the lawsuit, including pre-judgement interest, to approximately $7 million. The plaintiff's motion for attorney's fees is still pending. This one-time event will not have an adverse effect on Cruise America's daily operations, which will continue as normal. The management of Cruise America believes the jury verdict is unjust and that the damages awarded are inappropriate and excessive. The Company intends to vigorously pursue a reversal of the jury decisions or the elimination of the damages awarded through post-trial motions and through the California Court of Appeal. The action arose out of a claim for an alleged wrongful termination by the Company of a sublease agreement. The lawsuit has been pending since May 1987 and has been tried twice previously. The first trial resulted in a judgement for the plaintiff of approximately $3.5 million that was reversed on appeal and remanded for retrial. The second trial resulted in a net judgement for the Company of $399,000, which was reduced on appeal and again remanded for retrial. Pending appeal, the Company intends to take a one-time charge to establish a reserve for damages in its second fiscal quarter, which ends October 31, 1997. Cruise America, Inc. believes that it is one of the largest companies in North America specializing in the rental and sale of recreational vehicles, including motorhomes, truck campers and motorcycles. The Company's common stock trades on the American Stock Exchange under the ticker symbol "RVR." Company contact: Randall Smalley, CEO (602) 464-7300
11 WEST HAMPTON AVENUE / MESA, ARIZONA 85210
PHONE: (602) 464-7300 FAX: (602) 464-7302 5 |
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