Basket-maker Longaberger and its parent company, JRJR Networks, are under scrutiny from various quarters over unpaid phone bills and late financial filings.
And a potential source of revenue, its iconic basket-shaped headquarters in Newark, isn’t attracting much interest from potential buyers.
The latest issue to arise faces the parent company. Dallas-based JRJR Networks owns direct-sales firms including Longaberger.
Late Thursday, the publicly traded company announced it will file its quarterly earnings report late — again. It was also late in filing its annual report and and its first quarter report, too.
Issues like this can threaten the company’s ability to trade shares on the New York Stock Exchange.
“It doesn’t lend an aura of confidence,” said Eleanor Bloxham, a corporate-governance expert based in Westerville. A late filing “does happen, but it’s not usual.”
After its tardy
Tag Archive for Tami Longaberger
Hot Business News Today
Tami Longaberger Battles CVSL Over Exit
by Ramya Chandrasekaran • • 0 Comments
Tami Longaberger’s departure from the basket-making company that her father founded has turned into a heated battle between her and CVSL, parent of the Longaberger Co.
Longaberger said CVSL failed to pay sales and use taxes and drastically cut her pay, while CVSL charged Longaberger with misconduct, according to a filing with the U.S. Securities and Exchange Commission.
The two sides also can’t agree on whether Longaberger, who left the company in early May, was fired or resigned.
Longaberger says in a resignation letter dated April 28 that she was resigning due to three reasons:
CVSL reduced her salary of $850,000 per year by $600,000 during a four-month “deferral period” that was never made up.
CVSL reduced her responsibilities and put another executive in charge at the Longaberger Co.
CVSL caused the Longaberger Co. to fail to pay sales and
Hot Business News Today
CVSL Company Longaberger CEO Resigns
by Ramya Chandrasekaran • • 0 Comments
Tami Longaberger, who led The Longaberger Co., a direct seller of home and lifestyle products, since her father died in 1999, has resigned as chief executive officer and director of the company.
Longaberger parent company CVSL announced that John Rochon Jr., vice chairman of CVSL and son of the CVSL chairman, will take over as Longaberger chairman, president and CEO.
The company Dave Longaberger founded in 1973 became a $1 billion business in 2000, when it employed more than 8,200 people.
Tami Longaberger became president of the company in 1994, while her father remained as chairman. She took more of a leadership role as her father battled kidney cancer in his final years.
The Newark-based company has struggled for more than a decade, with sales plummeting to roughly $100 million annually and employment dwindling to 230