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NEW BOARD COULD DELIST RESTRUCTURING L.A. GEAR
Published November 4, 1997
Three weeks after gaining control of "ailing" L.A. Gear, its new board announced a "restructuring," eliminating the jobs of "about" 60% of the roughly 100 employees at headquarters in Santa Monica, CA, according to Kathryn Kranhold of the WALL STREET JOURNAL. Newly appointed Chair David Gatto also announced that Company President Bruce MacGregor resigned as of last week. No one has been named to fill the position. CA-based PCH Investments, which purchased a 42% stake in L.A. Gear in mid-October, disclosed in an SEC filing that the company's board "is considering" a number of measures to keep the company "afloat," including "a merger, reorganization or liquidation." It also announced that the restructuring could cause the company's stock "to be delisted" (WALL STREET JOURNAL, 11/4).