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.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)