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Seminole's sole asset is Kazoo stock. Seminole, through
Kazoo, manufactures men's and women's uniforms and sells this
apparel wholesale to stores and to industrial launderers which
rent the garments to customers. Seminole's4 apparel, known as
career apparel, is mainly worn by rental car agents, flight
attendants, hotel employees, and middle management or supervisory
personnel in large companies. Seminole does not sell retail, and
it does not sell directly to the public. Of its approximately
4,000 customers, 10 accounted for more than 40 percent of
Seminole's 1993 sales. Seminole's industry is highly
competitive, and Seminole is the industry's largest seller of
professional uniforms. Approximately 25 million American workers
wear uniforms daily, and the annual revenues of the uniform
industry total approximately $5 billion.
In the late 1980's, Seminole had a second business: a pants
operation in Mississippi that sold garments to mass merchandisers
such as Wal-Mart and J.C. Penney. Seminole sold this operation
in 1991 mainly because the operation was doing poorly. A. Max
Weitzenhoffer (Max Weitzenhoffer) and John Gunzler transferred
approximately $1 million in cash to Seminole after the sale, and
Seminole has been profitable ever since.
Seminole's net sales were $33,790,382 (after adjustment for
discontinued operations) for 1990, $34,517,026 for 1991,
$42,869,030 for 1992, and $46,710,904 for 1993. Seminole's gross
4 The parties continually refer to Kazoo as Seminole. So do
we.
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Last modified: May 25, 2011