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L A Gear Company

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BUSINESS
September 14, 1989 | BRUCE HOROVITZ, Times Staff Writer
Michael Jackson is the $20-million corporate spokesman who won't speak. "Protect me. . . . Don't let them ask me any questions," Jackson whispered Wednesday morning to a top executive from L.A. Gear, moments after the enigmatic pop star told a Hollywood Palladium full of reporters that he was "very happy" to be a part of the L.A. Gear team. By next spring, Jackson will be starring in L.A. Gear commercials. In the meantime he will help design and market a new line of L.A. Gear shoes.
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BUSINESS
November 4, 1997 | SUSAN ABRAM, TIMES STAFF WRITER
Trying to outrun slumping revenue and a soft market for athletic shoes, L.A. Gear Inc. on Monday said it laid off 60% of its 102 Santa Monica-based employees. The company also said its president, Bruce MacGregor, resigned. The layoffs, which affect all departments, are an effort to "streamline the operation," Chairman and CEO David Gatto said in a statement. Gatto was named to head the struggling athletic footwear and apparel company three weeks ago.
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BUSINESS
January 31, 1991 | STUART SILVERSTEIN, TIMES STAFF WRITER
L.A. Gear, as its slogan says, might really be unstoppable. Trouble is, lately, it's been barreling in the wrong direction. The sneaker maker lost as much as $6 million in the last quarter, and its inventory remains overloaded with slow-selling lines. Some retailers--worried that L.A.
BUSINESS
September 13, 1989 | BRUCE HOROVITZ, Times Staff Writer
Pop star Michael Jackson is about to lace up with L.A. Gear as a corporate spokesman. Jackson has scheduled a press conference this morning at the Hollywood Palladium where he is expected to announce a long-term, multimillion-dollar contract with the Mar Vista-based athletic shoe maker. Executives at L.A. Gear did not return phone calls Tuesday, and Jackson's publicists also declined to comment on the deal.
BUSINESS
March 2, 1991 | BRUCE HOROVITZ, TIMES STAFF WRITER
L.A. Gear's ad agency has given the sneaker maker the boot. The Los Angeles office of BBDO Worldwide on Friday said it was resigning the account primarily because of creative and strategic differences. The loss of its ad agency--which L.A. Gear named with great hoopla just three months ago--represents yet another in a series of blows the once high-flying Marina del Rey firm has suffered recently. Earlier this week rival Nike Inc. sued L.A.
BUSINESS
June 29, 1988 | LINDA WILLIAMS, Times Staff Writer
L.A. Gear Inc.'s athletic shoes probably wouldn't impress your average National Basketball Assn. player. But then athletic shoes long ago ceased to be worn primarily for running and jumping. For L.A. Gear, it was a matter of finding a way to pull away from the pack of manufacturers offering shoes to consumers for whom athletic shoes had become the casual shoe of choice.
BUSINESS
August 6, 1990 | BRUCE HOROVITZ, TIMES STAFF WRITER
Michael Jackson is about to do some hard sell in soft shoes. Of course, hard sell for Jackson is just touching a product in an ad. He never has before. But later this week, the pop star will walk, dance and even pantomime in a pair of "MJ" athletic shoes in his first TV commercial for L.A. Gear. In the ad, Jackson--who refused to so much as touch a Pepsi can in all of his Pepsi spots--is happily strapped into an $80 pair of L.A. Gear black athletic shoes with silver buckles.
BUSINESS
May 23, 1991 | STUART SILVERSTEIN, TIMES STAFF WRITER
L.A. Gear, struggling to get back on its feet after losing money two quarters in a row, said Wednesday that it is looking for an investor to give it a hand. The Marina del Rey-based company, which grew explosively the last six years to become the nation's No. 3 sneaker firm, said it is negotiating with an investment group interested in buying a "substantial" minority stake.
BUSINESS
September 20, 1996 | DENISE GELLENE, TIMES STAFF WRITER
L.A. Gear Inc. has been getting a real workout these days. The company that gave America the lighted sneaker is being shoved aside by stronger competitors such as Nike, the industry's powerhouse, and up-and-coming trendy brands such as Fila. Key athletic shoe retailers are dumping the brand, saying not enough people want it. Though it continues to sell L.A. Gear kids' shoes, FootAction stopped stocking the brand's flagship women's shoes six months ago and dropped L.A.
BUSINESS
April 10, 1996 | Times Staff and Wire Reports
L.A. Gear Reports 1st-Quarter Profit: The maker of athletic and leisure footwear said sales were buoyed by Wal-Mart Stores Inc. The company reported net income of $1.1 million, or a loss of 4 cents a share after the payment of dividends on preferred stock, compared with a loss of $11.6 million, or 59 cents after dividend payments, a year earlier.
BUSINESS
February 10, 1996 | From Bloomberg Business News
L.A. Gear Inc. said Friday that its fiscal fourth-quarter loss widened as sales fell by more than a third. The athletic shoe manufacturer's loss from operations widened to $23.6 million, or $1.12 a share, in the quarter ended Nov. 30, from $14.9 million, or 73 cents, a year ago. Charges of $5.1 million, or 22 cents a share, for the September reorganization that included the firing of 160 employees, store closings and headquarters consolidation, $4.
BUSINESS
April 18, 1995 | Times Staff and Wire Reports
L.A. Gear Threatens to Call Off Merger: The Santa Monica company told Ryka Inc. that it would end its agreement to acquire the cash-strapped women's footwear maker unless the companies can agree on new terms. Earlier this month, Ryka said it was in default with its Korean lender and reported an unexpected 1994 loss of $511,415, or 2 cents a share, on sales of $16.3 million. The Norwood, Mass., company projected losses for the first and second quarters. Ryka also said it was asking L.A.
BUSINESS
April 15, 1995 | From Bloomberg Business News
L.A. Gear Inc. said its first-quarter loss widened on a 42% decline in sales. The Santa Monica-based athletic and outdoor shoe company said its loss widened in the three months ended Feb. 28 to $11.6 million, or 59 cents a share, from $2 million, or 17 cents, in the year-ago quarter. Revenue fell to $69.4 million from $120.4 million a year earlier. Gross margins, which rose to about 30% from 29% of sales, were $20.7 million in the latest quarter, down from $34.9 million last year.
BUSINESS
April 10, 1995 | From Times Staff Reports
L.A. Gear, the Santa Monica-based athletic footwear company striving for a financial turnaround, will release the results of its first quarter earnings on Friday. The company, which had a net loss of $22.2 million in 1994, is trying to rebound by concentrating more of its marketing efforts on its women's line of footwear products, which has been one of the company's strengths. The quarterly report will precede L.A. Gear's annual shareholder meeting, which is scheduled for April 18.
BUSINESS
April 10, 1995 | From Times Staff Reports
L.A. Gear, the Santa Monica-based athletic footwear company striving for a financial turnaround, will release the results of its first quarter earnings on Friday. The company, which had a net loss of $22.2 million in 1994, is trying to rebound by concentrating more of its marketing efforts on its women's line of footwear products, which has been one of the company's strengths. The quarterly report will precede L.A. Gear's annual shareholder meeting, which is scheduled for April 18.
BUSINESS
March 31, 1995 | DENISE GELLENE, TIMES STAFF WRITER
The Securities and Exchange Commission settled Thursday with two former L.A. Gear executives accused of inflating the company's earnings and profiting from insider trading in 1990. Gilbert N. Schwartzberg, 52, a former vice chairman of L.A. Gear, and Arden Franklin, 42, a former controller, neither admitted nor denied guilt in settling the charges. Both men resigned from the Santa Monica-based footwear company in 1992.
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