May 16, 1995
Cherokee Inc., a Sunland-based clothing maker, said it has secured a $4-million credit line available through August, and a $2-million credit line available from September through January. The credit was made available to Cherokee by the company's lender, CIT Group/Business Credit Inc., after a group of outside investors agreed to guarantee the loans. The investors also bought warrants held by CIT that can be used to purchase 550,000 shares of Cherokee at two cents per share.
November 10, 1992
Cherokee Inc., a struggling apparel maker based in Sunland, said it failed to make an $8.2-million interest payment due on $105 million of junk bonds it has outstanding. The company previously had said it might not make the payment, which was due Nov. 1, because the payment might further deteriorate its balance sheet. Cherokee, meanwhile, is negotiating with holders of the junk bonds--known formally as senior subordinated notes that cost Cherokee 15.
CALIFORNIA | LOCAL
October 7, 1994
The uniforms have finally arrived at La Mesa Junior High School in Santa Clarita after a month's worth of delays that angered parents and school officials, but delighted students who viewed the uniform policy as too restrictive. A bizarre assortment of problems, including a truck hijacking and computer malfunctions, delayed delivery of the clothing that was supposed to reach students by Sept. 8, the first day of school.
March 30, 1993
Creditors of Cherokee Inc. will swap much of their debt claims for 77% of the common stock of the Sunland-based apparel maker under a tentative agreement between the parties. The proposed change was expected. Cherokee had said in October that it was in restructuring talks with the creditors, and it's not uncommon for debt holders to exchange their claims for stock in order to keep a company alive.
November 11, 1997 |
Cherokee Inc. announced plans Monday to buy the worldwide rights to Sideout Sports Inc.'s trademarks and licensing agreements. The acquisition price was not disclosed. "I think we've demonstrated a great success in building Cherokee and want to apply the same techniques and global contacts to further develop Sideout," said Cherokee CEO Robert Margolis.
November 2, 1993 |
Robert Margolis, Cherokee Inc.'s chairman and chief executive, resigned Monday, rekindling speculation that French designer Georges Marciano, a Cherokee investor, wants to take a more active role in the maker of women's clothing. The 45-year-old Margolis, a 13-year veteran of Cherokee, recently steered it back to profitability after a bankruptcy reorganization.
November 2, 1993 |
Cherokee Inc.'s Chairman and Chief Executive Robert Margolis resigned Monday, rekindling speculation that French designer Georges Marciano, a Cherokee investor, wants to take a more active role in the women's clothing maker. The 45-year-old Margolis, a 13-year veteran of Cherokee who recently steered it back to profitability after it emerged from a bankruptcy reorganization, said he was leaving the company to pursue other entrepreneurial interests. Cherokee's stock rose $1.
May 6, 1994 |
Since Cherokee Inc. emerged from its bankruptcy reorganization last May, nothing has been quite the same at the clothing and shoe company. Guess? Inc. co-founder Georges Marciano and Saudi businessman Abdullah Taha Bakhsh have scooped up Cherokee's stock. Together they own about 32%. Cherokee Apparel, the company's main division, is now being run by a team of former Lee Apparel executives. Even Cherokee's 20-year-old Indian head logo is history.
October 27, 1992 |
Cherokee Inc. is a clothing company in trouble, and one of its many problems is visible during a stroll through a Mervyn's department store--its biggest customer. In the women's section, which is Cherokee's main market, the space Mervyn's devotes to Cherokee's casual shirts and pants has been shrinking in favor of the popular Dockers line made by apparel powerhouse Levi Strauss & Co. "Our real estate was cut back," concedes Robert Margolis, Cherokee co-chairman.
August 3, 1993 |
Guess Inc. founder Georges Marciano, who led the jeans maker through explosive growth and a bitter legal war with rival Jordache, is resigning as Guess chairman and chief executive, Bloomberg News Service reported Monday. Marciano, 46, also is selling his 40% stake in privately held Guess back to the Los Angeles-based company for an undisclosed price, Bloomberg said. That would leave his three brothers, Maurice, Paul and Armand, as the only owners of the company.