Filene’s settles Fendi suit for $2.5 million
New York City Fendi said Tuesday that the luxury brand has reached a $2.5 million settlement with Filene’s Basement over allegations the retailer sold counterfeit Fendi products.
Fendi North America and other Fendi units first filed suit against Filene’s Basement in 2006. In addition to the $2.5 million payment from FB Liquidating Estate, which Fendi has already received, Filene’s has also agreed not to sell any Fendi branded products without Fendi’s written authorization.
The settlement also calls for Filene’s to turn over to Fendi any Fendi-branded products in its possession.
The FB Liquidating Estate has also paid $50,000 for advertisements announcing the settlement to run in various publications.
Fendi CEO Michael Burke said the case was complicated by Filene’s bankruptcy filing but the company wanted to see the case through. Filene’s Basement emerged from bankruptcy protection in 2009 after being purchased by off-price retailer Syms Corp.
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Landry’s owns a wide portfolio of gaming, restaurant and hospitality companies, including Landry’s Seafood House, Rainforest Café, Chart House and Saltgrass Steak House. It acquired the 12-unit Oceanaire Seafood Room in April. The company also owns the Golden Nugget casino hotels in Las Vegas and Laughlin, Nev.
In May, Landry’s reported that beneficial one-time items helped it double its first-quarter profit to $14.3 million, or 87 cents a share. Revenue for the March-ended quarter rose less than 1 percent, to $258.7 million. Same-store sales at Landry’s restaurants, which include Landry’s Seafood House, Rainforest Café, Chart House and Saltgrass Steak House, fell 2 percent in the quarter.