Guess COO Warned of Possible SEC Charges
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Guess Inc. said Chief Operating Officer Carlos Alberini was notified by the Securities and Exchange Commission that he might face civil charges for violating securities laws while he was employed at Footstar Inc.
The notice isn’t directed against Guess or anyone else in its management, the Los Angeles company said in an SEC filing. Footstar, operator of shoe departments at retailers including Sears Holdings Corp.’s Kmart, reported receiving a similar notification on Friday.
Alberini, who is also president of the company, plans to appeal the SEC determination, Guess said. Footstar restated results from 1997 through 2002 after finding problems in its accounts-payable reporting and filed for bankruptcy in 2004 when sales were hurt by Kmart’s store closings. It emerged from bankruptcy protection this month.
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