The next round of the battle for Filene’s Basement is scheduled to enter its second week today with the resumption of the auction for the bankrupt off-price retailer.On Friday, The Men’s Wearhouse Inc. and Crown Acquisitions, a New York real estate firm, joined forces and bid $67.7 million. Rival Syms Corp. and its financial partner, Vornado Realty Trust, bid $61.3 million.According to sources close to the process, Syms and Vornado are expected to move higher when bidding resumes, and Men’s Wearhouse and Crown Acquisitions are expected to do the same. A source familiar with the bidding said it has become “amazingly complex for so small a deal.” In May, Crown Acquisitions became the stalking horse bidder and said it would buy Filene’s Basement’s assets, including 17 of its 25 stores, for $22 million. On June 5, however, an affiliate of Men’s Wearhouse, K&G Acquisition Corp., outbid both Crown and the Syms-Vornado team with an offer of $67 million. Last week, both Crown and Syms submitted documents with the Delaware bankruptcy court alleging that the auction failed to follow court-approved procedures. The auction reopened on Friday but could not be concluded. Filene’s Basement filed for Chapter 11 bankruptcy court protection on May 4, less than two weeks after being acquired by FB II Acquisition Corp., an affiliate of Buxbaum Group. Filene’s Basement’s previous owner, Retail Ventures Inc., said the off-pricer suffered from liquidity issues. A number of stores were closed earlier this year.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim