About 6,700 retail stores closed so far this year.That was the tally of total retail doors closed in the last 12 months, according to Josh Sussberg of Kirkland & Ellis, who is legal counsel to bankrupt Charming Charlie.Sussberg disclosed the tally to Delaware Bankruptcy Court Judge Christopher S. Sontchi at a court hearing Wednesday during his brief overview on the backdrop leading to Charming Charlie’s filing of its Chapter 11 petition on Monday.Sussberg also said his client is the “20th major retailer to file in 2017.” And while he said a contributor to the retail bankruptcies has been the move to online shopping because “people want things faster and more simply,” he also said the shift doesn’t mean that retail, or specifically a brick-and-mortar presence, is ending. Sussberg specifically said his client still has a reason to exist.The attorney told the judge that Charming Charlie’s problem was liquidity. It had under $1 million in cash and needed much more to secure new inventory for its stores, which was why it filed 12 days before Christmas, Sussberg said.Retailers typically wait until after the holidays to file so they can collect as much cash as possible from the holiday selling season.During Wednesday’s hearing, Sontchi approved a series of first-day orders that allow the retailer to continue operations and ensure the delivery of new merchandise. Those orders include approval of an interim order on financing.The company’s chief financial officer Robert Adamek said in a court document that another problem, which Sussberg also noted at the hearing, was the company’s offer of merchandise that sometimes included as many as 26 different hues, an approach that caused it to be saddled with excess merchandise in underperforming color offerings.The retailer’s Back-to-Basics strategy to restructure the business will help to streamline its operational model.
@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)