Nygard Cay is a Canadian Businessman and former Fashion Executive. He is the founder of Nygard International, a company that produces women’s apparel.
What is Nygård Cay Famous For?
- He is famous as the Founder and former chairman of Nygard International.
- Famous for being arrested on sex trafficking and racketeering charges in December 2020.
Nygård Cay’s Early Life
Nygård Cay was born in Helsinki, Finland in 1943 in in Helsinki, Finland. His full name is Peter J. Nygår.
Nygård Cay’s Parents
Nygård Cay was born to (parents) Eeli and Hilkka Nygård, bakers who immigrated to Canada in 1952, settling at first in Deloraine, Manitoba. They immigrated when he was an eleven year old child.
Nygård Cay’s Educational Background
After completing High School, he enrolled and graduated from the University of North Dakota in 1964.
Nygård Cay’s Career & Business
After graduating from the university, Nygård Cay began doing a number of small jobs. Nygård Cay started working as a sales manager for the women’s clothing manufacturer, Jacob Fashions in December 1967.
In 1967, Nygård Cay used his life savings of $8,000 and an additional loan to purchase 20% stake of the company. He brought the rest of the company from Jacob’s daughters after a few years and renamed the company, Tan Jay.
Nygård Cay founded Nygard International in 1967 in Winnipeg, Manitoba. The company manufactures women’s apparel.
The Canadian headquarter of the company is located on King Street in Toronto with it’s world headquarter located in Times Square, New York.
Nygård Cay’s concept retail store opened in Time Square in Manhattan in November 2009.
The company generates approximately $500 million per year in revenue, employs 12,000 people around the world, and operates more than 200 retail stores in North America.
Why Did Nygård Cay Resign From His Company?
Nygård Cay stepped down as chairman of Nygard International in February 2020 after the FBI and NYPD raided the company’s New York headquarters in ties with sex trafficking allegations.
On September 28, 2018, the Nygard Cay was seized by Bahamas’ Supreme Court as part of a legal battle surrounding Peter Nygard’s efforts to dredge the sea bed around the estate.
The company filed for Chapter 15 Bankruptcy in New York in March 2020. A Canadian judge gave green light to an accounting firm to sell and liquidate part of the business empire in April 2020.
Nygård Cay’s Other Legal Issues
I’m 1980, Nygård Cay was charged with the rape of an 18-year-old girl by Winnipeg authorities. The girl refused to testify and it was claimed that Nygard paid her off not to testify.
Also in the late 1990s, Nygård Cay settled sexual harassment complaints by three former employees in Manitoba. He battled a defamation lawsuit with Linda Lampenius from 1999 to 2001. Lampanius settled the lawsuit including a public apology in the newspaper, Ilta-Sanomat.
Nygård Cay faced a lawsuit by an American couple from 2003 to 2007. The couple sued him claiming that he deceived them into accepting jobs as managers of his Bahamas estate. The case was settled in 2007.
Nygård Cay settled a lawsuit with his former girlfriend in 2008 who sued her for slamming a door on her hand.
Nygård Cay’s Wife & Children
Nygård Cay is currently not married. He was formally married to Carol Knight in the 1970s. He has seven children with four women.
They are four daughters Bianca, Xar, Scarlet, and Alia, and three sons, Kai, Jessar, and Mika. Though it’s alleged that he has ten(10) children, it’s only seven(7) that’s in the known.
Nygård Cay’s Net Worth
Nygård Cay is estimated to have a net worth of $750 million which makes him the 70th richest Canadian rated by the Canadian Business Magazine.
Reports say, Nygård Cay owns at least two Boeing 727 private jets, both that are decorated with his name across the body.