MIAMI, Oct. 24, 2019 (GLOBE NEWSWIRE) -- CSP Daily News published articles on October 7, 2016 and December 27, 2016 regarding The Guess Corporation. The articles alleged that anonymous parties had not been compensated along with vendors. Further, the articles sought to discredit the company and Jerry D. Guess, our principal founder, senior deputy chairman and president. According to The Guess Corporation, the articles contain inconsistencies, inaccuracies and even outright lies. While The Guess Corporation experienced challenges in 2016, those challenges were due to the burdens of an unfair legal system that inhibited our founder’s ability to grow the company while he was on federal supervised release also known as federal probation. Mr. Guess always sought to comply with the terms of his federal supervised release while also operating a legitimate business under burdensome court restrictions at the time. It is the position of The Guess Corporation that that the CSP Daily News articles were industry-sponsored “hit pieces” to distort the image of the company and our founder, and to divert positive attention away from the company’s innovative ideas for the convenience store industry. Contrary to the assertions of the articles, Jerry D. Guess and The Guess Corporation were working diligently to bring a viable concept to the convenience store market that would benefit consumers with a better offering than current choices. Despite the publishing of the articles, Jerry D. Guess was not charged or convicted of any crimes related to his ideas or operation of the company and neither was The Guess Corporation. Moreover, there was no evidence of criminal conduct in any way. The Guess Corporation was covered by many reputable media organizations in a positive manner including: The Wall Street Journal, USA Today, UK Daily Mail, Vice Magazine and Commercial Property Executive. The Guess Corporation and its parent, The Guess Corporation Holding Co., Inc. are legitimate companies and we are good people doing good business.
Jerry D. Guess was released from federal prison almost a year after the publishing of the October 2016 article. At the time the article was published, Mr. Guess was on federal probation for his convictions stemming from 2011, and the allegations left probation officers with no choice but to terminate his supervised release and incarcerate him. Jerry D. Guess completed his federal prison sentence on July 20, 2017 and was released without any stipulations or restrictions. His rights were restored including the right to engage in any legitimate business or occupation of his choosing. Jerry D. Guess vowed to use his second chance to make a positive impact on society and he is keeping that vow. Mr. Guess revamped The Guess Corporation into a for-profit social enterprise that develops and operates businesses that provide employment to disadvantaged persons including those with a criminal record, disability or exiting the welfare system. To alleviate any issues or allegations regarding employee compensation, The Guess Corporation operates in a manner similar to a partnership in which its employees own part of the company and are vested in its success while being rewarded for their performance with cash incentives and bonuses. Vendors and creditors have become partners in projects and receive a percentage of revenue. The Guess Corporation has made a bold commitment to donate 25% of our net profits to our two private charitable foundations, The Guess Corporation Foundation and T.G.C. Law Foundation. The Guess Corporation’s operating businesses consist of telecommunications, construction, real estate development, hospitality, food service, advertising, entertainment, petroleum and media. We provide products and services to consumers and small businesses. Through specialized marketing groups, we bundle our offerings for small businesses and work with them to increase their profitability. The Guess Corporation revamped its marketing plans for its GP Express, GP Club and Guess Bread ventures and intends to announce those plans and locations at the appropriate time.
The Guess Corporation has set a quota to employ 10,000 disadvantaged persons over the next 10 years directly and indirectly through its businesses. “None of us should be defined by the mistakes of our past and as the world changes, people change too. Our company has changed and I have changed. We are committed to making a positive impact on society and we are actually doing so every single day. We work harder than anyone to take care of customers, employees and the communities we are truly grateful to be part of.” said Jerry D. Guess, principal founder, senior deputy chairman and president of The Guess Corporation and its parent The Guess Corporation Holding Co., Inc.
In May of 2019, The Guess Corporation Holding Co., Inc., became the parent company of The Guess Corporation in a corporate restructuring. Currently, the company has over 20 subsidiaries to conduct its business operations and is based in Miami, Florida with plans to open home offices throughout the country within the next 12 months. A closely-held company, The Guess Corporation Holding Co., Inc. is owned by individuals who are employees, management or the board of directors.
The Guess Corporation Holding Co., Inc.’s officers are as follows:
Jerry D. Guess,
President
Lauren E. Peddycord,
Shareholder, Executive Vice-President, Chief Operating Officer, Chief Financial Officer & Secretary-Treasurer
Mandy L. Hall,
Shareholder, Senior Vice-President, General Manager, Controller & Deputy Secretary-Treasurer
The Guess Corporation Holding Co., Inc.’s directors are as follows:
Willie L. Guess,
Co-Founder, Principal Shareholder and Chairman
Jerry D. Guess,
Principal Founder and Senior Deputy Chairman
Kyra A. Anderson,
Principal Shareholder and Vice-Chairman
Lauren M. Hickman,
Shareholder and Lead Director
About The Guess Corporation Holding Co., Inc.
The Guess Corporation Holding Co., Inc. and its principal subsidiary, The Guess Corporation together operate a diversified group of businesses that provide products and services to consumers and small business customers. As a for-profit social enterprise, we have established quotas to ensure that we provide second chance employment opportunities to individuals with criminal records. Our principal business activities include: telecommunications, construction, real estate development, hospitality, food service, advertising, entertainment, petroleum and media. We are based in Miami, Florida. The Guess Corporation began operating in 2014 through predecessor entities and became a for-profit social enterprise in 2017. We donate 25% of our net profits to our private charitable organizations, The Guess Corporation Foundation and T.G.C. Law Foundation.
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