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Essay / Research Paper Abstract
This 5-page paper provides an analysis of foundation company Warnaco and the problems of its $145 million overstatement of inventory on its balance sheets during the late 1990s. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTwarnac.rtf
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Unformatted sample text from the term paper:
been similar scandals in the past that have been as widely published and speculated on. One such scandal has involved The Warnaco Group. The company has licensed brands including Nautica,
Polo, Anne Cole, Calvin Klein and its own Warners (Colbert, 2004). During the late 1990s, accounting and inventory reporting irregularities led to
an SEC probe for the beleaguered company (which had already declared bankruptcy protection). The Warnaco Group was founded in 1874 in an
attempt to manufacture products that would be "healthier" than the tight-fitting, horribly uncomfortable (not to mention hazardous) boned womens corsets (Colbert, 2004). The result was a corset made only from
cloth, and within a few weeks of opening, brothers DeVer and Lucien Warner found they had demand for the new corsets, and changed the name of the business to Warners
(Colbert, 2004). Warners also came up with the A, B, C and D sizing in brassieres, which, according to some analysts, thoroughly transformed the industry (Quick, 2001).
For the next several decades, though, sales remained flat until after World War II, when Warner had introduced elasticized underwear (Colbert, 2004). In 1968, the
company was named Warnaco and in 1986, lost a $550 million hostile takeover led by a group of investors, including Linda Wachner, a former employee of the company (Colbert, 2004).
In her position of chairman and CEO, "Wachner transformed Warnaco from a maker of a mishmash of apparel products to a highly
focused branded-apparel producer" (Colbert, 2004). Part of this involved the acquisition of Speedo (and taking it public), as well as Calvin Kleins underwear business, GJM Group (sleepwear and lingerie); Bodyslimmers
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