The deal has drawn attention because of the relationship between Gary Torgow, who was chairman of Chemical Bank before its merger with TCF Bank, and the group that will be the new TCF Bank's landlord. Try another search query or. Werdiger thinks it could be a $30 million wholesale business in its initial year and says hell do whatever we can to get that brand on the field again.. website at www.meor.org. Individual Investors & Financial Advisors. The bank had previously said it would not seek public financing, but changed course in recent months. SBJ Spotlight: Rich McKay of AMB Sports and Entertainment, Anquan Boldin on how the Players Coalition continues to fight for social justice, Jalen Rose on being a business-minded athlete, and why NIL is good for college players, Bill Simmons on the creation of ESPNs 30 for 30 documentaries. Subscribe. We're very proud of the governance and the governance process that we went through in identifying this property, the design of it and now the construction of it for the city of Detroit.". Mr. Werdiger is the CEO of the wildly popular sportswear line, OuterStuff, but that's just the tip of the iceberg. NEW YORK, NEW YORK May 27, 2014 Outerstuff, Ltd., (Outerstuff or the Company) the leading designer, manufacturer and marketer of licensed childrens sports apparel for all of the major sports leagues in North America, today announced that it has closed an investment from private equity funds affiliated with Blackstone (NYSE: BX) (Blackstone). The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. "In this business, you make money slowly. Gurney-Goldman, who is now working at Solil and will one day take over his father's position. Transform pay with our enterprise-grade comp platform, Automate compensation with our full-suite solution, Payscale's employer-reported salary data network, The world`s largest employee-submitted pay database, Annual survey salary data from HR industry publishers, The crowdsourced compensation data API for developers, 100% company submitted data from 2,000+ businesses, Schedule a personalized demo to feel the power of Payscale, Find salary information for similar job titles and locations, Comp Planning Business Case Pitch Deck By clicking Download Pitch Deck, you. An athletic footwear brand, likely Nike or Under Armour, is expected to buy VFs remaining upstairs retail rights. Further information is available at www.blackstone.com. (Photo courtesy of the Goldman family). Sol Werdiger. Together his four children are worth at least $12.2 billion, or $3.05 billion apiece. For additional information on Outerstuff, visit www.outerstuff.com. View contacts for Outerstuff to access new leads and connect with decision-makers. Sol Werdiger is ready for the big game. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. I divested myself" in 2009, Torgow said. Its advocacy includes education and social services, and has been active in securing public funding for religious schools, according to a 2017 Washington Post story. (Photo courtesy of the Goldman family). In June, it wouldn't specifically say why tax incentives were sought but noted that many of Detroit's largest development projects have public financing. The Solil portfolio has grown largely thanks to Jane, 60, and the only brother, Allan, 73, who together took over the business leadership when Sol died and who both serve as co-chairs. Solil Management, a portmanteau of Sol and Lillian, still doesnt have a company website featuring trophy properties like most investors use, but a bit of digging - through the lawsuits detailing the family feud and hundreds of land records - shows that Sols heirs own at least 400 New York City properties including high-end apartments on the Upper East Side, the block of land in Midtown Manhattan that includes the Olympic Tower and the Cartier Mansion, and the landmark Peninsula Hotel. He has formed life-long relationships with some of the world's biggest Rebbas and Gidolim.He embodies what it means to be a true askin and is helping shape our world as one of the leading forces behind Agudath Israel of America. Follow Blackstone on Twitter @Blackstone. Portions of this site are directed only to persons in certain jurisdictions. Mr. Werdiger is the CEO of the wildly popular sportswear line, OuterStuff, but that's just the tip of the iceberg. "He's a very prominent national businessperson, company and investor," Tom Shafer, the former Chemical Bank CEO who moved into the president and chief operating officer position with the new TCF Bank, said in an interview with Crain's last week. Outerstuff is a leading designer and manufacturer of branded youth apparel for the major sports leagues in North America as well as Adidas and more than 200 leading colleges and universities. Sol appeared on the first Forbes 400 list of Richest Americans in 1982, with a net worth estimated at $200 million. You may opt-out by. Its a blip on the whole picture of who my father was and the things he accomplished. It was her last public interview, and she and the rest of her siblings declined to be interviewed for this story. Sol also rarely sold. When Lillian died in 2002, her estate (including cash and properties worth $374 million) was divided nearly equally among her children, according to court documents obtained by FORBES. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Middle-born sisters Diane and Amy are also still active senior advisors. The main point is not to sell anything," Sol told FORBES in 1985, when his net worth was estimated at $450 million. Outerstuff also renegotiated the terms . Like Outerstuff Ltd., countless American employers sponsor health coverage for their employees, through which a significant percentage of each worker's health insurance Read more, Streamlined solutions for every step of the compensation management journey, Continuously updated compensation datasets from Payscale and our partners, Flexible, customizable services and support for Payscale customers, End comp guesswork with our free job-pricing tool, From collection to validation, our data methodology delivers certainty, Meet the leaders dedicated to empowering better conversations around pay, Track and compare wage-growth by city, industry, company size, and job category, Access helpful tools and insights for career planning and salary negotiation, Explore real-world career trends and advice from the leaders in compensation, Uncover detailed salary data for specific jobs, employers, schools, and more, Take our salary survey to see what you should be earning. Sorry, something went wrong with the copy but here is the link for you. We do this through the commitment of our extraordinary people and flexible capital. When Sol died in 1987, he was New Yorks largest private landlord. Gender Male. Click below to see everything we have to offer. sports leagues in the United States. All rights reserved.The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. Register for a free SBJ account to unlock one extra article per month. But each is Longtime MLB jersey rights holder Majestic is up for sale by its parent, VF, and Werdiger said Outerstuff is aggressively going after the portion of VFs business sold through mid-tier and mass retail channels. Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload. With a Crains Detroit Subscription you get exclusive access, insights and experiences to help you succeed in business. "When we came together and became full-time here, we had a really good team and my kids over there. However, if it simply increased at a 2 percent rate every year for the 50 years, the total rent would be $712.1 million, Crain's calculated. 1K views, 7 likes, 1 loves, 2 comments, 9 shares, Facebook Watch Videos from Chabad of Bristol: Mr Sol Werdiger (CEO of Outerstuff and community activist) shares an amazing story how a simple. FORBES estimates are based on properties identified through public records searches and valuing the investments based on market rates and the net operating income reported by the city, which was $400 million in 2015. Powered by: AMR Pharmacy and DailyGiving.org. About Outerstuff Address: New York, New York Website: http://www.outerstuff.com/ Industries: Sporting Goods, Manufacturing Founded on: January 1st, 1983 Number of Employees: 501 - 1,000 "About. Similar to what Fanatics has been doing in building and aggregating e-commerce rights, were looking to expand and protect the traditional retail channel. 2023 Leaders Group. A message left with Werdiger, the founder and CEO of New York City-based children's sportswear maker Outerstuff LLC, was not returned last week. Ratings had downgraded Outerstuff in May 2020 to SD after it missed an interest and principal payment due March 31 on its term loan. The sports apparel entrepreneur is a gifted raconteur known for his colorful Super Bowl stories. KEY RETAILERS: Photo Courtesy of the Goldman Family. Annual 2 percent rent increases are built in to the lease and, for the full 22 1/2 years, GPC Adams is set to earn $232.65 million, split 50-50 between Park Elizabeth Associates and Werdiger's ownership entity. Under normal circumstances, Sol Werdiger, founder and CEO of the youth sports apparel manufacturer Outerstuff, is a gregarious presence on Super Bowl weekends. The Solil portfolio, which has largely remained in tact, is now worth 16-times more. The company also produces items for the U.S. Olympic Committee and more than 200 colleges and universities, and Adidas youth apparel. He embodies . You will be able to share this link with anyone and everyone, even on social media. We have 600,000 SKUs in our NFL business alone, said Werdiger, with a tone of disbelief at the statement. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. The company entered into a forbearance agreement in April with its term loan and asset-based loan facility lenders that extended their payment deadline to, at first, May 31. The Audit Committee of the Board [of which (Gary) Torgow is not a member] also approved this lease agreement.". Outerstuff will sell Umbro-logoed mens, womens and youth apparel beginning in January. Use our tool to get a personalized report on your market worth. Or go downtown to the courtroom and dig through thousands of pages of legal documents detailing the bitter battle between his wife, Lillian, and their four children over Sols estate after his 1987 death. "He knew in the long run he would own something with much greater value than what he paid for it. Sports Business Daily in 2016 reported that Outerstuff has 350 employees and was founded in 1983. I have no ownership in the (headquarters) building, no ownership in the company, and they're actually doing a pretty good job without me.". Maestas, a member of Sports Business Journals Forty Under 40 class of 2015. Some are already famous, some not yet so. They attempted to reconcile and in 1984 they signed a formal agreement, which won Lillian 33% of his estate. The Goldman family may be familiar to FORBES readers. According to Ratings, Outerstuff also renegotiated terms of its licenses with "most major sports leagues," significantly reducing minimum guaranteed royalties. Torgow and Werdiger are active with Agudath Israel of America, which describes itself as a "diverse cross section of leading Orthodox rabbis, activists, philanthropists and everyday community members." companies in the Jewish world. for his invaluable production assistance. Upgrade your subscription to get all the news you need: Adding SBJ weekly content will give you the comprehensive view of sports business with: Adding SBJ daily content will give you the comprehensive view of sports business with: You have 1 All Access article remaining this month. * Please fill out the form below in order to receive your shareable link. Once New Yorks biggest landlord, Sol Goldmans legacy lives on. Blackstone Headquartered in New York, New York, Outerstuff was founded in 1983 by Sol Werdiger, who continues to be CEO today, and has built a market-leading position by delivering high quality products and . "It looks like they went through the property analysis and proper steps.". Outerstuff collaborates closely with its league and corporate partners and is viewed as a trusted partner in their apparel business. Contact info: swerdiger@outerstuff.com Find more info on AllPeople about Sol Werdiger and Outerstuff Ltd, as well as people who work for similar businesses nearby, colleagues for other branches, and more people with a similar name. February 8, 2023 Sol Werdiger following a meeting with Bibi Netanyahu By Larry Gordon Shloime (Sol) Werdiger approaches his role as a leader in the Torah-observant world calmly and thoughtfully. Mr. Werdiger is the CEO of the wildly popular sportswear line, OuterStuff, but that's just the tip of the iceberg. MEOR operates "I don't think this is the last deal of this kind we'll do. Almost any sports specialty, mass merch or sporting goods store. With the complexities in sizing that we have in kids, that should be easy.. Outerstuff International Ltd. But each is a Jew You Should Know. Outerstuff LLC was upgraded today by S&P Global Ratings to CCC and a negative outlook, from Selective Default, or SD, after term loan lenders agreed, in October, to stretch their maturity out to December 2023, and the company paid their back-due interest and principal. The Company operates via exclusive contracts with the leagues to produce their branded youth apparel, which it sells through specialty sporting goods stores and leading general retailers. Please visit www.JewsYouShouldKnow.com, follow us on Twitter Already a subscriber? They've already added a millennial perspective, and have started work on Solil's first website. a Jew You Should Know. Outerstuff is a leading designer and manufacturer of branded youth apparel for the major sports leagues in North America as well as Adidas and more than 200 leading colleges and universities. Ratings also noted the challenges of the pandemic, including the uncertainty of when fans will return to sporting events. However, she said, ongoing diligence is needed. He also said other properties were considered but none met all of the bank's requirements for its move from Midland to Detroit. He embodies what it means to be a true askin and is helping shape our world as one of the leading forces behind Agudath Israel of America. Blackstone will support Outerstuff in the next phase of its growth as it expands its presence in the sports apparel industry, both domestically and internationally. (Photo courtesy of the Goldman family), This story appears in the July 26, 2016 issue of Forbes. That is still true today: Solil currently has debt-to-equity estimated at an unusually low 3%. In the past five years, Solils deal-making has increased, and it has inked some of its more prominent land lease projects, in which the ground beneath a building is leased rather than sold to the structures developer. values. For press inquiries, contact [emailprotected]. As an umbrella to all of this, the Werdiger Family Foundation was set up to direct charitable monies to various philanthropic organizations by Sol Werdiger. We identified a great niche in kids. Visit "As an operator, Elie faces all challenges head-on and takes his fiduciary responsibility very seriously," said Outerstuff LLC CEO Sol Werdiger, who has invested with Rieder. One is like renting billboards. It recently took a license for the 92-year-old Umbro soccer brand, owned by Iconix Brand Group. and the titans of the sports apparel world, Sol creates a kiddush He is also a deeply committed This past weekend I heard an amazing story: Mr. Sol Werdiger, CEO of Outerstuff, a company that produces sports apparel, received a phone call from Mr. Oh Joon, the South Korean UN Ambassador asking to meet him for lunch at a Kosher restaurant in Manhattan. You can see it in the citys skyline (particularly over on Madison Avenue between 37th and 84th streets, large parts of which his heirs still own). GPC Adams is an affiliate of Sterling Group, the Detroit-based real estate company that Gary Torgow started in the 1980s. Outerstuff has grown into the preeminent manufacturer and marketer of "sports youth apparel" to the. Alex died that same year and his sons literally flipped coins with Sol, playing heads or tails to divvy up the rest of the portfolio. to one day take over the company with his cousin. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. For press inquiries, contact[emailprotected]. and the heirs of banking scion Andrew Mellon. The other is servicing retailers by building scale and providing the level of service any big league needs. 2023 Leaders Group. He did not elaborate on what other properties were considered or what its requirements were. Regions Greater New York Area, East Coast, Northeastern US. https://www.sportsbusinessjournal.com/Journal/Issues/2016/07/11/Marketing-and-Sponsorship/Company-Watch-Outerstuff.aspx. The estate soon went to New Yorks surrogate's court as Sols estranged wife fought with her four kids over what to do with the massive portfolio. By Rabbi Dovid Saks Jewish Heritage Connection, 601 Jefferson Avenue , @ the JCC of Scranton, Scranton, PA 18510. 1412 BROADWAY FL 18 NEW YORK, NY 10018 Get Directions. Outerstuff's Annual Report & Profile shows critical firmographic facts: What is the company's size? In addition, photos of the two men at the White House during the Obama administration are posted online. Headquartered in New York, New York, Outerstuff was founded in 1983 by Sol Werdiger, who continues to be CEO today, and has built a market-leading position by delivering high quality products and sales performance to its league and apparel partners. (212) 594-9700. www.outerstuff.com. 2023 Leaders Group. Southfield-based Signature Associates Inc. was contracted to help with site selection. After being separated, Lillian filed for divorce in 1983. The host, Rabbi Ari Koretzky, is Executive Director of MEOR Step-By-Step Pay Equity Analysis Guide Product Guide By clicking Download Product Guide, Do you know what your employees really want for the holidays? Maestas talks with SBJs Abe Madkour about the early days of Navigate, which he said he founded with too little knowledge, though good fortune as far as timing made up for my mistakes. Maestas traces his career path and personal development, and highlights the attributes and practices that he believes help make a successful business person and human being. It is now owned and run by his children, Torgow told Crain's. Andrew Steinerman FOUNDER AND PRESIDENT UNICOM TELECOM, INC Managing Partner and Portfolio Manager, Rivulet Capital Ben Nash Dan Loeb Several years ago, Allan stepped back his work day-to-day due to health issues. Childs play. Meet the dynamic, inspiring and successful executive mentors that want to enable you to live your best professional life possible. (Annual sales and employees) Outerstuff has established itself as an industry leader in the branded youth apparel market by leveraging its in-house design team, low-cost manufacturing, sophisticated demand-planning. Outerstuff designs, makes and markets licensed childrens sports apparel for major sports leagues in North America, including the NFL, MLB, NBA, NHL and MLS. content Other issues are most likely to come up, and any issue that comes up that's connected to this company apply.". Some are already famous, some not yet so. We currently don't have any reviews for this employer. What your skills are worth in the job market is constantly changing. Before you decide whether variable pay is right for your org, get a deeper understanding of the variable pay options and the cultural impact of pay choices. "They determined that this was the best deal for the company and that they shouldn't not go forward just because of the conflict," Schipani said. "He takes great. The highest reported salary for an employee at Outerstuff Ltd. is currently $NaN / year, Outerstuff Ltd. provides a few pension benefits and perks. Turns out, he was right., This is a BETA experience. | Starting next Wednesday, May 22 join Olami Professional Circles here in Miami. Jews You Should Know introduces the broader community to Welcome to Jews You Should Know, introducing the broader community to interesting and inspiring Jewish men and women making a difference in our world. "Somebody I'm certain our developer is very proud to be associated with as an investor.". For additional information on Outerstuff, visit www.outerstuff.com. Sol Werdiger, founder and CEO of youth licensed sports apparel manufacturer Outerstuff, has a sheaf of data he'll throw at any Silicon Valley executives who think their business is complex. CB Rank (Person) 9,352. [Fanatics] can max out e-commerce; well be happy to be the sports licensee thats maxing out the brick-and-mortar licensed sports apparel business., Tony Petitti era begins at Big Ten; Can the Senators really land a $1B deal? A year later, the legendary investor said "Every time I sell, I'm sorry.". We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. A family statement provided to FORBES said Since that time, the family has resolved all outstanding disputes and all members are very close with one another.). Born to Holocaust survivors, Sol was raised to always push himself to grow closer to Hashem. Blackstone is one of the worlds leading investment and advisory firms. Headquartered in New York, New York, Outerstuff was founded in 1983 by Sol Werdiger, who continues to be CEO today, and has built a market-leading position by delivering high quality products and sales performance to its league and apparel partners. If and when the top athletic footwear brands no longer find value in that arrangement, Outerstuff is their logical successor. The politics and business news you need to stay up to date, delivered daily in a must-read newsletter. Sol Werdiger is a visionary entrepreneur who has built Outerstuff into a unique and important strategic partner to sports leagues and sports apparel companies alike, said Peter Wallace, a Senior Managing Director with Blackstones Private Equity business. To view recent press releases,click here. 1412 Broadway #18, New York, NY 10018 Active 2005 1 Chief Executive Officer Excel Known Addresses for Sol Werdiger. I am extremely excited about working with Blackstone as we begin the next chapter of our growth story.. Outerstuff has established itself as an industry leader in the branded youth apparel market by leveraging its in-house design team, low-cost manufacturing, sophisticated demand-planning methodology and long-standing relationships with the leagues, brands, and retailers. Diane, 70, headed the residential leasing department for several decades, when she scaled back also due to health issues several years ago. There are 7 other people named Sol Werdiger on AllPeople. At Outerstuff, our vision is to become the preeminent global provider of apparel serving our sports league and brand partners, said Sol Werdiger, Outerstuff founder and chief executive officer. Chairman Gary Torgow's five adult children Elie Torgow, Yoni Torgow, Rachel Torgow Krakauer, Moshe Torgow and Jacob Torgow are the other 50 percent owners of GPC Adams through an entity they own called Park Elizabeth Associates LLC, which is a member of GPC Adams, according to filings with the U.S. Securities and Exchange Commission. Staying current is easy with Crains news delivered straight to your inbox. They are all passionate about Jewish wisdom and enabling you to achieve your goals. March 11, 2021. Outerstuff upgraded by S&P Global Ratings to CCC on deal with lenders, Banking Essentials Newsletter: 5th May Edition, Banking Essentials Newsletter: 19th April Edition, According to Market Intelligence, April 2023, Banking Essentials Newsletter: 5th April Edition. Want to support this podcast? Access to easy-to-read digital editions of weekly issues. "We worked with our board and our audit committee to make sure that every aspect of the relationships that are associated with this are well-known, well-documented and highly visible to the governance process of our publicly traded company and our regulated company. "About This Company" data & logos provided by. More than two decades of archival stories, profiles, research and data. For office-specific contact information, please visitour offices page. Some of Outerstuffs collegiate rights also include adult togs. Outerstuff got its first league license in 1986 for MLB jackets, and then began to transform from an outerwear manufacturer to one exploiting the youth market. Crain's Senior Editor Chad Livengood contributed to this report. Outerstuff has kids licenses across top U.S. leagues. Corporate governance and real estate experts say the company appears to have followed rules for disclosure and vetting such transactions and the lease seems to be a fair deal. To receive email alerts from Blackstone, sign up below. /marketintelligence/en/news-insights/latest-news-headlines/outerstuff-upgraded-by-s-p-global-ratings-to-ccc-on-deal-with-lenders-61648669 . She is now best-known as a premier heirloom horticulturalist and is also a political megadonor, having given about $2.5 million to democratic campaigns or super PACs so far this election cycle, according to the Center for Responsive Politics. CLAIM THIS BUSINESS. in our world. A young Sol Goldman, who would go on to build one of New York City's most valuable real estate [+] portfolios. The son of a Brooklyn grocer, Sol quit Brooklyn College to run his fathers shop in 1935, and started by buying up foreclosed properties at low prices in the 1950s. Whenever my grandfather was asked how he acquired so many buildings, he would simply say, I paid the most. If he believed in an area, he was not afraid to pay more than everyone else," Michael told FORBES. There are two parts of this business today, Werdiger said. Jane Goldman, acting chair of Solil Management, pictured with her son, Michael, who is being prepped [+] to one day take over the company with his cousin. Outerstuff's Executive Vice-President is Stephen Werdiger. Born to Holocaust survivors, Sol was raised to always push himself to grow.

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