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Milton petrie stores liquidating

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Jablonski of counselfor plaintiff. Pollio of counselfor defendant. This is an action for wrongful discharge, but unlike many such cases which have besieged the courts of late, this one involves an executive employee who in fact had a carefully worked out written contract, and now, claiming a breach, insists on a literal application of that contract.

He had founded the company inand had built it up Milton petrie stores liquidating a chain of 1, women's specialty stores operating under a variety of names in 45 States, Puerto Rico, the Virgin Islands, and the District of Columbia. At this stage, Mr. Petrie decided that possibly it was time for him to take a less active role, and put a younger man in charge of the company's day-to-day affairs, as the "heir apparent".

Milton Petrie (August 5, –...

A number of possibilities were considered before Mr. Petrie decided to sound out Michael J. Boyle was approached about the possibility of running the Petrie stores. He was 38 years old, and was then chairman of the board of the F.

Lazarus Stores headquartered in Columbus, Ohio. Lazarus was a division of Federated Department Stores of which Boyle was executive vice-president. Boyle had worked at Bambergers from to and worked in retailing for the Melville Corporation untilwhen he had joined Federated. As of MayBoyle had operating and merchandising responsibilities for 18 retail department stores with 10, employees.

In the spring ofMr. Boyle Milton petrie stores liquidating asked to meet with him in New York City.

Petrie Stores Liquidating Trust -...

They met on May 26, Petrie testified he "took a shine to him" and decided to hire him. Petrie told Boyle that he would like him to take over the running of the Petrie Stores. Boyle had admired the techniques and business skill of Mr.

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