The other day I wondered aloud what the backstory was on the whole Russell stepping down from Phat fashions and Kimora being promoted to creative director thing. Well, a snitch with a chip on their shoulder dropped us this jewel...The 'back story' is here --> http://www.secinfo.com/d1zJxf.upb.htm#124p
This be what we call a '10-K' financial statement for Kellwood Company - that's right, the same company Russell sold Phat Fashions to for $140 million in 2004.
Take a few minutes to read and you'll see that Kellwood lost mad dough in 2005 , had to restructure and on top of that, their net earnings for 2006 was only about 1/3 of 2004's earnings.
Sounds to me like Russ cashed out right on time. Kimora-stans be damned.
Next Up --> Black People Learn to See The Forest for The Trees - A Special Report
Geez, you don't have to get snippy about it!
