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CNN Live At Daybreak
Wal-Mart Ending Gifford's Clothing Line
Aired May 16, 2003 - 06:44 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz now. The fat lady sings for Kathie Lee at Wal-Mart.
Let's go back to New York and Susan Lisovicz.
Good morning -- Susan.
SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Well, you know the fashion business is not known for its longevity, and Kathie Lee Gifford is finding that out first hand. Wal-Mart, the world's No. 1 retailer, says it's discontinuing Kathie Lee Gifford's clothing line. Gifford's publicist denies reports that the move comes as a surprise, says that it was a mutual decision.
The Kathie Lee Gifford line debuted at Wal-Mart in 1995, but it was rocked by allegations in the 1996 when it was revealed that some of Gifford's products were actually manufactured in a Honduran sweatshop employing children. Further hurting the line was the fact that she quit the talk show with Regis where she used to talk about her clothing line.
And you know one retail expert, Carol, says it's ironic because the deal with Wal-Mart actually gave her the financial independence to quit the show and now she has neither.
COSTELLO: Well I'm sure she's doing OK financially though.
LISOVICZ: Yes, she's got Frank, right.
COSTELLO: Yes, exactly. And I'm sure she saved a little along the way.
LISOVICZ: One would hope.
COSTELLO: Exactly. I heard Richard Branson bought a nice little gift for his employees.
LISOVICZ: Yes.
COSTELLO: Tell us about that.
LISOVICZ: Everybody should have a boss like Richard Branson. The Virgin Islands already exist, but maybe there should be a new Virgin Island. Richard Branson, the flamboyant head of the Virgin Airline group, has just bought an island off the Australian coast for his employees. He says it's a heartfelt thanks to the Virgin team. So Richard has an interesting quote here, he says "it's a place where they can come and party and go away for weekends." Amen to that.
COSTELLO: Wow, what a nice boss. Wonder what CNN...
LISOVICZ: Exactly.
COSTELLO: ... has in store for us.
LISOVICZ: You know, lower your expectations -- Carol.
COSTELLO: I'm certain it's not an island.
Thank you, Susan, many thanks.
LISOVICZ: My pleasure. Have a nice weekend.
COSTELLO: You too.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM AT www.fdch.com
Aired May 16, 2003 - 06:44 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz now. The fat lady sings for Kathie Lee at Wal-Mart.
Let's go back to New York and Susan Lisovicz.
Good morning -- Susan.
SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Well, you know the fashion business is not known for its longevity, and Kathie Lee Gifford is finding that out first hand. Wal-Mart, the world's No. 1 retailer, says it's discontinuing Kathie Lee Gifford's clothing line. Gifford's publicist denies reports that the move comes as a surprise, says that it was a mutual decision.
The Kathie Lee Gifford line debuted at Wal-Mart in 1995, but it was rocked by allegations in the 1996 when it was revealed that some of Gifford's products were actually manufactured in a Honduran sweatshop employing children. Further hurting the line was the fact that she quit the talk show with Regis where she used to talk about her clothing line.
And you know one retail expert, Carol, says it's ironic because the deal with Wal-Mart actually gave her the financial independence to quit the show and now she has neither.
COSTELLO: Well I'm sure she's doing OK financially though.
LISOVICZ: Yes, she's got Frank, right.
COSTELLO: Yes, exactly. And I'm sure she saved a little along the way.
LISOVICZ: One would hope.
COSTELLO: Exactly. I heard Richard Branson bought a nice little gift for his employees.
LISOVICZ: Yes.
COSTELLO: Tell us about that.
LISOVICZ: Everybody should have a boss like Richard Branson. The Virgin Islands already exist, but maybe there should be a new Virgin Island. Richard Branson, the flamboyant head of the Virgin Airline group, has just bought an island off the Australian coast for his employees. He says it's a heartfelt thanks to the Virgin team. So Richard has an interesting quote here, he says "it's a place where they can come and party and go away for weekends." Amen to that.
COSTELLO: Wow, what a nice boss. Wonder what CNN...
LISOVICZ: Exactly.
COSTELLO: ... has in store for us.
LISOVICZ: You know, lower your expectations -- Carol.
COSTELLO: I'm certain it's not an island.
Thank you, Susan, many thanks.
LISOVICZ: My pleasure. Have a nice weekend.
COSTELLO: You too.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM AT www.fdch.com
