Retail News

Former Brooks Brothers CEO sued for putting personal interests first

The New York Times 05/19/2021

Claudio Del Vecchio, the former chief executive of Brooks Brothers, and his son, Matteo Del Vecchio, who was the company’s chief administrative officer, are being sued by a former investor for putting “their own financial interests ahead of those of the company” and refusing to pursue acquisition deals in 2019 “that would have yielded hundreds of millions of dollars for Brooks Brothers’ shareholders.” TAL Apparel and Castle Apparel Limited, manufacturing companies and former minority shareholders in the retailer, are claiming more than $100 million in damages in a case before the United States District Court for the Southern District of New York.

MORE ON THIS STORY...

MORE RETAIL NEWS HEADLINES...

Discussions
Check out RetailWire's Engaging Online Discussions Featuring Our Exclusive Braintrust!