A worst-case scenario appeared to have been avoided late Sunday as CIT Group Inc. was reported to have reached a tentative $3 billion financing deal with bondholders, allowing the entire apparel supply chain to breathe a large sigh of relief.
News of the deal — the most welcome about CIT in more than a week — allowed suppliers and retailers a respite as they sought to cope with the potentially catastrophic effects a CIT bankruptcy would have had on the shipment of fall and holiday goods by vendors, as well as the day-to-day credit requirements of many stores. An attempt by CIT last week to secure a second round of federal financing ended in failure.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"