Securities: SEC Ends Probe Into Guess President

The Securities and Exchange Commission has ended its investigation into Guess? Inc. President and CEO Carlos Alerini and says it will not recommend any action against Alberini. Alberini had been the leader of the shoe company Footstar when it because to have problems with its accounting.

SEC Ends Probe Into Guess President

Footstar restated earnings in 2003 from 1997-2002 that were $53 million lower than initially reported. Footstar faced further difficulties after KMart, its top distributor, filed for bankruptcy. Alberini signed with Guess in 2000 and helped drastically turn the company around when its earnings were declining and the company was close to violating a $125 million credit agreement.