Urbanwear retailer Against All Odds USA Inc. filed for Chapter 11 bankruptcy court protection on Monday, joining the growing procession of stores at risk of dissolution. That same day, Goody’s Family Clothing Inc. decided to liquidate its operations.
Against All Odds was founded in 1995 by Kenny Khym. The petition listed Wicked Fashions Inc. of Fort Lee, N.J., as the top unsecured creditor, owed $3.9 million. Wicked is the manufacturer of Southpole, the hip-hop line cofounded by Khym and his brother David and owned by David.
The 64-unit Moonachie, N.J.-based firm filed its voluntary petition in a New Jersey bankruptcy court. It listed assets of between $10 million and $50 million, and liabilities in the same range.
According to an affidavit filed by Hyun Jong “H.J.” Nam, the retailer’s chief financial officer, the operation targeted the more affordable segment of hip-hop apparel. The cfo also identified the specialty chain as the “first mall-based retailer of hip-hop, urban style clothing.” He said hip-hop apparel was estimated as a $2 billion market in 2007.
Against All Odds, which had sales of $15.5 million in 2000, grew to a $78.7 million chain in 2005 and ended 2007 with sales of $121.1 million, the cfo said. Net income fell in 2007, and the retailer sustained a loss in 2008, according to the affidavit. It currently operates stores in eight Eastern and two Western states.
The CIT Group/Commercial Services Inc. is the second top unsecured creditor and is owed $2.1 million.
Meanwhile, Goody’s on Tuesday morning had a meeting to pick a liquidator to oversee going-out-business sales, which sources said could start as early as later this week.
“We were concerned that the company came out of bankruptcy far too quickly into an environment that was extremely hostile for any retailer, and it certainly proved our concerns were correct,” said Bob Carbonell, chief credit officer for credit ratings service Bernard Sands.
“Goody’s came out too early. Over the next 18 months, the amount of retail that will be gone will be overwhelming,” said Stevan Buxbaum, executive vice president of Buxbaum Group, a consumer product appraisal and liquidation firm.
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye