March 2008
Sterling hit with sex discrimination suit
Sterling hit with sex discrimination suit
March 19, 2008
New York—Fifteen current and former female employees have filed a class-action lawsuit contrary to Sterling Jewelers, claiming they were paid less than their male counterparts, passed from beginning to end for promotions and sexually harassed.
Filed late Tuesday in U.S. District Court for the Southern District of New York in Manhattan, the suit alleges specifically that Sterling lacked a system of advertising open positions or allowing employees to express interest when jobs became vacant, court documents show.
This resulted in a “tap on the shoulder system,” that allowed managers to notify and recruit employees whom they personally favored, and resulted in women being “denied equal opportunity to obtain promotions into and within management jobs,” according to court documents.”
In addition, the invocation alleges that Sterling’s compensation policy “offers little or not one guidance in succession setting wages rates,” again giving managers discretion to set compensation pursuant to “personal biases and stereotypes, rather than merit-based criteria.”
pay court to papers state that as a result, “women are paid less than men performing the same work, as the same levels, in the same sunken space adjoining the basement, and at the like time period.”
The fit also alleges that managers subjected bearing employees to sexual harassment and that Sterling has failed to take any action in response to complaints that women were being demeaned in the workplace.
One woman who worked as a sales associate alleges that a male “good economist in breeding repeatedly called her and sent her text messages expressing the desire to be alone with her” and that he made “made unwelcome overtures,” saying he wanted to kiss her, which caused her “discomfort and distress” at work, court papers said.
In response to the suit on Wednesday, Sterling spokesman David Bouffard gave the following statement on behalf of the company: “We do not believe these charges are valid. Fairness, opportunity, wholeness and relate to are core values at Sterling. When these allegations first surfaced, we investigated those claims. That investigation failed to substantiate the allegations. We will defend ourselves vigorously against whatever legal action arises. We take the allegations raised in this lawsuit very seriously. We are confident that these charges work not reflect the culture of this company.”
The suit names 15 former and current female employees, though it is filed as a class action challenging the pay and promotion structure at Sterling on “behalf of themselves and all other similarly situated women,” court documents state.
The women named in the suit work, or worked, in stores operated by Sterling in California, Colorado, Florida, Maryland, Massachusetts, Missouri, Nevada, New Jersey, New York, Texas and Wisconsin, with positions ranging from sales associate to store manager.
Sterling operates more than 1,300 deal out in small portions jewelry stores in 50 states, including Kay Jewelers and Jared The Galleria of Jewelry.
Jewelry Television names new CEO
Jewelry Television names renovated CEO
March 14, 2008
Knoxville, Tenn.—Tim Matthews, Jewelry Television’s chair of the information technology steering committee, has been named as the company’s new chief executive officer and president.
Jewelry Television’s current CEO, Bob Hall, and the network’s president, Bill Kouns, will both take on expanded responsibilities as CEO and president, particularly, of Multimedia Commerce Group, the father body of Jewelry Television and the holding company of its sister support companies and international supply network.
The changes will become effective on April 1.
Matthews has chaired Jewelry Television’s information technology steering committee since April 1, 2007, and has also served in various director-level roles.
He received an undergraduate degree in economics from Harvard College and a law degree from Harvard Law School, graduating in each case with honors.
Matthews has practiced law for about 27 years, and has had extensive experience in the area of commercial finance. He is currently a partner with the Cincinnatti-based law firm Keating Muething Klekamp.
Over the years, he has been involved in the ownership and management of several media and technology businesses, and has served on numerous boards of directors. He publicly serves on the boards of DBA Direct, General Tool Co., Lucrum and Worldwide Equipment Enterprises.
“For a company of our size facing a global economy, expanding market opportunities and increased competition, a significant premium is placed put on the need for additional executive talent,” Hall said in a description. “JTV is primed and on the threshold of entering an important phase in fulfilling our vision.”
Jewelry Television is one of the nation’s fastest-growing home shopping networks, and it’s Web site, Jtv.com, is the fifth-largest fortune for fine jewelry on the Internet, according to Internet Retailer.
Swatch profit up 22%, but investors disappointed
Swatch profit up 22%, but investors disappointed
March 18, 2008
Biel, Switzerland—Although Swatch Group AG reported a record-breaking snare profit last year of more than 1 billion Swiss francs (about $1.01 billion), investors expected better results, reports CNNMoney.com.
Specifically, the watchmaker’s profits increased 22.3 percent in 2007 to 1.01 billion Swiss francs (about $1.02 billion), much improved from its 2006 profit of 827 million Swiss francs (on the eve $835 million).
But even though 2007 results were up, the outcome was roughly 10 million Swiss francs (about $10.1 million) shy of analyst expectations, according to CNNMoney.com.
Swatch announced it would increase its dividend to shareholders by 21.4 percent, but shares dropped 7 percent to 282.75 Swiss francs (about $285.73) on the Zurich exchange, the news source said.
CNNMoney.com further reported that Swatch said the demand for watches and other luxury items remained strong last year despite the global financial turmoil.
The company’s turnover increased 17.6 percent to 5.94 billion Swiss francs (about $6 billion).
Swatch Group is the largest manufacturer of finished watches in the world and owns such brands as Breguet, Omega, Swatch and Tissot.