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March 15, 2013
16:10 EDTLAKELakeland reaches termination agreement with president of subsidiary
Lakeland Industries announced it has reached a termination agreement with Miguel Bastos, president of Lakeland's Brazilian subsidiary. This is a part of both the company's efforts to reduce costs and the company's efforts to improve sales. Bastos will join a Brazilian organization working with Lakeland to strengthen the company's sales efforts. The termination agreement calls for an aggregate maximum payout of $550,000, to be paid out over a period of approximately two years. Bastos will continue to receive his normal salary for six months and then will receive 3% of Lakeland Brazil's sales, which Bastos will be supporting and generating from an independent company, until he reaches a total payout equal to the aggregate $550,000. This agreement pays Bastos approximately half of the amount which would have been paid out for the remaining years of his employment contract, which runs through December 31, 2015.
News For LAKE From The Last 14 Days
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May 22, 2015
15:13 EDTLAKELakeland Industries short position covered by GeoInvesting
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May 18, 2015
19:12 EDTLAKEOn The Fly: After Hours Movers
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16:05 EDTLAKELakeland Industries sees continued improved operating results in FY16
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16:04 EDTLAKELakeland Industries reports Q4 EPS ex-items 36c, one estimate 23c
Reports Q4 revenue $26.5M, one estimate $25.89M. CEO Christopher Ryan said, "Among our global initiatives, we announced our determination to exit Brazil which has been losing money for three years during which time it had caused material hardships throughout our company. We believe we have found a way to exit this business, enhance our focus on the areas of growth throughout our otherwise expanding global operating footprint, and improve our overall financial performance."

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