Morton L. Lapides Sr. has resigned from the board and severed all ties with San Francisco-based Winterland Prods. The move is the latest chapter in Lapides’ run at the helm of the merchandising company that was forced into bankruptcy shortly after his highly leveraged acquisition of the firm in 1996.
The exit of Lapides, whose MML outfit bought the company from MCA (Daily Variety, June 19, 1996), allows the venerable Winterland to continue its bankruptcy reorganization plan and enhances the firm’s ability to move forward and emerge from Chapter 11 in the next several months.
“It’s like waking up from a bad dream,” said DonnTice, Winterland CEO. “Lapides’ financial practices — and reputation — had been dragging Winterland down like an anchor.”
Lapides’ influence on the firm was diminished earlier this year when Winterland, through a recapitalization plan, gave the previous management regime a greater stake in the company (Daily Variety, Aug. 12).
Winterland is a leading producer of licensed and private label apparel and related merchandise.