HABERDASHERY/LESLIE FAYE LADIES BLACK DOUBLE PLEATED WOOLBLEND LUX MIDI SKIRT

MEDIUM WEIGHT FABRIC SIZE 12 MISSY FULLY LINED Leslie Fay was founded in 1947 by Fred Pomerantz, who had produced dresses for the Women’s Army Corps during World War II. The company was named for his daughter and offered department stores substantial profit margins for carrying the company’s line of stylishly conservative women’s wear. Pomerantz was a colorful figure in the New York garment district; he reportedly had a liking for gambling, and people on the street knew when he was at work because his distinctive Rolls-Royce was parked outside the company’s Broadway offices. In 1982, Leslie Fay was taken over through a leveraged buyout for $58 million and became a private company operating under the name The Leslie Fay Company. In 1984, in another leveraged buyout, the company became known as The Leslie Fay Companies, Inc. This time, management and outside investors paid $158 million to buy out the investors from the 1982 takeover. The leveraged buyout by managers and investors brought John Pomerantz and his wife, Laura (also a company official), 1.7 million shares of stock, or an 8.7 percent share, for which they paid $162,000—a bargain at only nine cents a share. In 1986, the company went public again, however, with management and institutional investors still controlling 55 percent of the outstanding shares.