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Cherokee CEO Awarded $100,000 Bonus

The Board of Directors at Cherokee Inc., a Van Nuys-based apparel, accessories and footwear licensing company, approved the payment of a $100,000 discretionary bonus to the company’s CEO, Henry Stupp, according to public documents. The bonus was awarded in recognition of Stupp’s efforts throughout 2011 to expand and strengthen the Cherokee brand as well as the company’s relationships with its licensees. Since stepping into his role as CEO in August 2010, Stupp has been working on revamping the brand and expanding its international presence. Earlier this month, the company announced the launch of Cherokee-branded products at Nishimatsuya Chain Co., Ltd, a specialty retailer of children’s and baby products in Japan. Despite its efforts, Cherokee reported poor income and revenues in its third quarter. The company said net income for the period ended Oct. 29 fell 57 percent to $1 million, or 12 cents per diluted share, from the year-ago period when the company earned $2.3 million. Net revenues slipped to $6 million, a 22 percent decline from $7.7 million in the third-quarter last year.

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