California: Dec. 29, 2000
San Francisco-based Levi Strauss & Co. has obtained $1.5 billion in bank financing, which includes a $750 million revolving credit facility; lenders include Bank of America, Citicorp USA and Bank of Nova Scotia; the new credit facility “demonstrates the continuing confidence of our banks in the long-term prospects of our company,” according to a company statement...Vernon, Calif.-based BCBG Max Azria and Montreal-based Algo Group have finalized their strategic alliance, which gives Algo wholesale distribution rights for the BCBG Max Azria brand in Canada; the deal also grants Algo the license to manufacture contemporary apparel under the Parallel brand and juniors apparel and footwear under the To the Max brand, both for distribution in Canada ... Sirena Apparel Group Inc. has let go Doug Arbetman, its vice chairman and president, eliminating his position because the “competitive terrain” had changed, according to Sirena chief executive officer Brian Zientek, who has guided the company out of its recent Chapter 11 bankruptcy; that changed terrain includes fewer lines at the company, whose Anne Klein license expired at the end of 1999, and the rehiring of David Burnett, who is overseeing Sirena’s Liz Claiborne and Elizabeth division, Zientek said...Three unsecured creditors of Timely Trends, who say they are owed a total of $428,940, have filed an involuntary Chapter 7 bankruptcy and liquidation petition against the junior separates, dresses and private label manufacturer; the petitioners are Bank of America Commercial Finance, CIT Group Commercial Services and HSBC Business Credit.
