Struggling teen retailer Pacific Sunwear Inc. on Wednesday snagged a key $60 million five-year term loan from Golden Gate Capital and said it would use a portion of that money to help it close upward of 200 stores over the next 14 months.PacSun, which more than doubled its third-quarter net loss, also gave Golden Gate two board seats and the right to buy 19.9 percent of its stock, or 16.7 percent on a fully diluted basis, at $1.75 a share.Golden Gate, which has $12.5 billion in capital under management and has worked with Express, J. Jill, Eddie Bauer and Zale Corp., said it would appoint two members of its retail group, Joshua Olshansky and Neale Attenborough, to the retailer’s board.PacSun also inked a five-year $100 million revolving credit facility with Wells Fargo.“When Hillary Clinton said it takes a village, I’m not sure she realized it also applies to apparel retailing,” PacSun president and chief executive officer Gary Schoenfeld said on the earnings call.The ceo said it had become “increasingly evident” that in order for the surf and skate clothing retailer to become profitable, it would have to downsize its fleet to between 550 and 600 stores from the current 819 — a reduction of about 20 percent. The firm has reached agreements with each of its top five landlords as well as a number of other landlords across the country.The Anaheim, Calif.-based retailer is also working to localize its merchandise offering and improve its fashions.For the third-quarter ended Oct 29, the retailer posted a net loss of $17.6 million, or 26 cents a share, from $7 million, or 11 cents a share, a year earlier. Adjusted losses of 10 cents a share were 4 cents better than analysts expected.Sales for the quarter dipped 6.2 percent to $242 million from $257.9 million as same-store sales fell 3 percent.Shares of PacSun gained 3.1 percent to $1.35 Wednesday, but rocketed more than 40 percent in after-market trading, even though the retailer predicted fourth-quarter losses of between 44 cents and 58 cents a share. Adjusted losses were projected at 18 cents to 27 cents a share — a range that covers the 26-cent loss analysts already expected.
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)
Discovery is collaborating with British pop artist @philipcolbert on a new line of clothing and accessories called Discovery Shark. The collection, which will launch next summer for Shark Week’s 30th anniversary, features a whimsical line of women’s and men’s bomber jackets, sweatshirts, bags and more. #wwdfashion
“I’m always a big champion of a female rapper, and I’m glad to see a new voice that feels unique and authentic that’s coming up, and I think we’re going to see more great things from her,” said @itsjeremyscott about @iamcardib, who performed at @moschino’s Art Basel Miami Beach party last night. #wwdeye (📷: @lexieblacklock)
@janellemonae’s “What’s Your Frequency?” room in @refinery29's #29Rooms made its debut this week at the opening of the Los Angeles art exhibit. “It’s about the ongoing conversation around mass surveillance, the weaponization of technology and cultural uniformity. My space was created so that we can come together and talk about the complexities of our humanity,” said Monáe. #wwdeye (📷: @bucknerphoto)
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)