09.03.04
Procter & Gamble Company, Cincinnati, has settled a lawsuit pending in federal court in Los Angelesthat was brought on by Vidal Sassoon. Terms of the settlement were not disclosed.
Sassoon sued P&G last year for fraud and breach of fiduciary duty, alleging the company stoppedproducing products under his name so it could boost its Pantene brand and avoid paying Sassoonroyalties. The lawsuit claimed that following a change in management in 2000, P&G diverted its newhair care formulas from the Sassoon line.
Last year P&G indefinitely suspended distribution of Vidal Sassoon products in North America. Lastmonth, a federal court denied a second attempt by P&G to dismiss the lawsuit. A trial was scheduledto begin Oct. 19. In 1985, P&G bought Richardson-Vicks and therefore acquired the Sassoon brand.In 1988, Sassoon signed a new agreement with similar terms.
Though the Vidal Sassoon line of hair products is not currently on shelves in North America, P&G willretain ownership of the Sassoon name as part of the settlement. Sassoon is a top-selling brand in Asia.
Kmart Sells 45 Stores to SearsKmart Holding Corporation, Troy, MI, will sell 45 stores to Sears, Roebuck and Co. for $524 million.The sale of an additional six stores remains subject to certain conditions that must be met by Sept. 17.
As part of the agreement, Kmart will continue to operate these stores until March or April of 2005.Executives at Sears have agreed to pay the transaction in cash by April 15, 2005.
Sassoon sued P&G last year for fraud and breach of fiduciary duty, alleging the company stoppedproducing products under his name so it could boost its Pantene brand and avoid paying Sassoonroyalties. The lawsuit claimed that following a change in management in 2000, P&G diverted its newhair care formulas from the Sassoon line.
Last year P&G indefinitely suspended distribution of Vidal Sassoon products in North America. Lastmonth, a federal court denied a second attempt by P&G to dismiss the lawsuit. A trial was scheduledto begin Oct. 19. In 1985, P&G bought Richardson-Vicks and therefore acquired the Sassoon brand.In 1988, Sassoon signed a new agreement with similar terms.
Though the Vidal Sassoon line of hair products is not currently on shelves in North America, P&G willretain ownership of the Sassoon name as part of the settlement. Sassoon is a top-selling brand in Asia.
Kmart Sells 45 Stores to SearsKmart Holding Corporation, Troy, MI, will sell 45 stores to Sears, Roebuck and Co. for $524 million.The sale of an additional six stores remains subject to certain conditions that must be met by Sept. 17.
As part of the agreement, Kmart will continue to operate these stores until March or April of 2005.Executives at Sears have agreed to pay the transaction in cash by April 15, 2005.