The Men’s Wearhouse Inc. was unable to add Filene’s Basement to its retail portfolio Wednesday.
Instead, the men’s wear powerhouse has a new date Friday, when the auction for the assets of the bankrupt off-pricer will be reopened, according to Delaware bankruptcy court records.
The auction will begin at 9 a.m. Friday at the Wilmington, Del., offices of Pachulski Stang Ziehl & Jones, counsel for the bankrupt retailer, according to a notice filed in the case by Pachulski. A bankruptcy court hearing on the sale results, also in Delaware, will be held on Friday at 12:30 p.m.
At the first auction, an all-day affair that stretched into the evening last Friday, K&G Acquisition Corp., the Men’s Wearhouse affiliate that operates its K&G Fashion Superstores nameplate, was deemed the winning bid at $67 million. On Tuesday, both losing bidders, Syms Inc. and stalking horse Crown Acquisitions, filed objections stating the auction proceedings failed to adhere to the bidding procedures set by the bankruptcy court.
Crown went as far as to call last week’s auction a “travesty” in court papers. Marcy Syms, president and chief executive officer of Syms, said she found the proceedings “extremely disconcerting.”
Filene’s Basement was founded in 1909, and previously filed for Chapter 11 in 1999. It was acquired by Value City in 2000. Value City, which was acquired by Retail Ventures in 2003, went bankrupt and was liquidated in 2008. Crown was named stalking horse when Filene’s filed Chapter 11 last month.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion