Report: Mervyns May Pay Fired Workers
Hayward, Calif. Mervyns LLC may pay accrued vacation to its fired employees if its closing-down sales raise enough cash to pay off its debt to Wachovia Corp., the Wall Street Journal reported.
According to the report, Mervyn’s withheld accumulated vacation pay from staff who lost their jobs in October, citing pressure from creditors and a court order.
The company owed bank Wachovia $329 million when it filed for Chapter 11 bankruptcy protection on July 29, the report said.
In August, the company said 26 of its 176 stores would be shuttered by November. To fund the chain’s ongoing operations, Mervyns received debtor-in-possession financing of $465 million in July from a lender group led by Wachovia Capital Finance Corp.
New cfo named at Proctor & Gamble
CINCINNATI Jon Moeller, currently vp and treasurer of Proctor & Gamble, has been elected cfo, effective Jan. 1, 2009. Clayton Daley, Jr., vice chairman and cfo, will retire effective Sept. 16, 2009, after 35 years of service. He will step down as cfo on Jan. 1, 2009.
Moeller most recently served as treasurer of Proctor & Gamble where he established the capital structure, cash management and AA- credit rating that have put P&G in a strong financial position for the near and long term, the company reported.
Bacardi names new cfo
MIAMI Bacardi U.S.A. has named Michael Misiorski senior vp and cfo.
Misiorski joins Bacardi U.S.A. from Absolut Spirits Co. where he was vp of finance and cfo. While at Absolut, Misiorski led a number of departments including human resources and operations, and oversaw tax reporting, budgeting and a range of other responsibilities in addition to his financial role.