To: Jane4IceCream who wrote (1798 ) 2/2/1999 6:30:00 PM From: Jay Fisk Respond to
Selective Biographic Omission, or "Something Else" ? biz.yahoo.com Rachmil Lekach as President of its newly formed Internet subsidiary, Perfumania.com. Mr. Lekach joins Perfumania.com from Ocean Reef Capital Management where he was Chief Executive Officer. He has substantial experience in the fragrance industry and was co-founder and former Chief Operating Officer of Perfumania, Inc, and President and Director of Parlux Fragrances, Inc. OK, that's fine, but omitted a significant chapter in this saga: edgar-online.com Chapter 11 Rachmil Lekach, Chief Executive Officer, said, "The decision to file (Chapter 11) was a very difficult one. The members of the new management team that have joined the Company since August 1996, at which time a change in control of the Company occurred, have not been able to reverse the losses and declining sales trends experienced by the Company prior to such time . Although the new management team has taken many of the steps set forth in a recovery plan previously announced, the Company has continued to experience difficulty meeting its debts as they become due. The filing was precipitated by the Company's continuing sales decline, reduced borrowing capacity and deterioration of vendor support , whichrelieve the Company of burdensome obligations under unfavorable store leases, (ii) realize significant value in other below market long-term store leases, and (iii)maximize the ultimate return to its creditors. Insert zero stock price here Just some background to ponder in this puzzle of inter-related companies, wonder if history will repeat ?
