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The Jasmine Sola Soap Opera

12/26/2007 03:49:00 PM
Wow, tis the season for business related drama. First there was the week long saga of Alpha Omega (here) and now the January issue of Boston Magazine has a fairly sordid tale about the former owner of Jasmine Sola - Luciano Manganella.

So first off a little history lesson. Jasmine Sola was founded by Luciano Manganella some thirty years ago. In 2005, New York and Company purchased Jasmine Sola in a $30+ million dollar deal and retained him as President. Two short years later, New York and Company announced that it was closing Jasmine Sola. You probably read about it in one of my original blog entries (here).

So where's the soap opera you ask? That's next. Apparently Manganella was dismissed by Jasmine Sola amid accusations from six women that they were sexually harrassed by him. Lawyers got involved; arbitrators got involved. Sounds like it got messy.

In the end, things may come full circle for everyone:

But Manganella is not completely without hope. Late last fall, he made a bid to repurchase Jasmine Sola..... After that offer was rejected, he tried again and early last month received a more receptive response; the deal, if it goes through, would let him buy back five Jasmine locations and start over.

Click (here) to read the article.



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