The Boardroom: A Chairman At Large

A Chairman At Large

Lots of companies are suffering from vanishing profits, but Cascade International has a far more embarrassing problem: a missing chairman. The Florida-based retailer's founder and chief executive, Victor Incendy, disappeared last week, two days before a scheduled meeting at which he had promised to reply to accusations that his clothes-and-cosmetics empire was built on phantom stores and phony figures. The episode is a bizarre end to the spectacular seven-year rise of Cascade, which had regularly reported annual sales gains of 40% or more from a chain of stores with such names as Boutiques Allison and Fran's Fashions.

Touted by the charismatic...

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