A federal bankruptcy court judge in Newark on Thursday approved the sale of urbanwear retailer Against All Odds USA Inc. to New Deal LLC.
The purchase price for the bankrupt retailer couldn’t be immediately determined. Against All Odds filed for Chapter 11 bankruptcy court protection in January. According to court papers, the sale will provide unsecured creditors with an estimated 14 percent return, compared with the “estimated minus 0.7 percent to [positive] 3.4 percent they would have gotten through a liquidation.” Court papers filed by the unsecured-creditors’ committee noted the “success of this case is even more poignant in the current climate, due to the ‘perfect storm’ created by the global financial crisis, the lack of credit, the reduction in consumer spending, the collapse of the residential real estate market, a deteriorating commercial real estate market and the adverse impact on retailers caused by certain [amendments]” to the federal bankruptcy code in 2005. The Moonachie, N.J.-based firm had sales of $15.5 million in 2000, grew to a $78.7 million chain in 2005 and ended 2007 with sales of $121.1 million, according to court papers. Net income fell in 2007, and the retailer sustained a loss in 2008. At the time of the filing, the chain operated 64 units in eight eastern and two western states. Against All Odds was founded in 1995 by Kenny Khym. In its petition, the retailer listed Wicked Fashions Inc. of Fort Lee, N.J., as its top unsecured creditor, owed $3.9 million. Wicked, the manufacturer of Southpole, a hip-hop line, was founded and is headed by chief executive officer David Khym, Kenny’s brother. At the time of its bankruptcy filing, Against All Odds listed The CIT Group/Commercial Services Inc. as the second largest unsecured credit with claims of $2.1 million.
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
“I genuinely fell in love with water, I fell in love with Fiji, I fell in love with the whole life that we lived for those few months,” says @mrsamclaflin of filming for his new movie “Adrift” with @shailenewoodley. The 31-year-old actor spoke with WWD about his upcoming projects, meeting Jamie Dornan and working with co-star Woodley. #wwdeye (📷: @jamstoker)
3 years ago, fans of the late singer Aaliyah started calling for a collaboration with @maccosmetics. With the strength of social media — including mock ups of products — 25,000 people signed a Change.org petition for a limited-edition collection, and MAC couldn’t ignore the buzz. Tomorrow, MAC will unveil MAC x Aaliyah, a tribute to the singer who passed away nearly 17 years ago. Head to our stories to preview the new collection, which was worked on by Aaliyah’s family and inspired directly by her makeup bag. #wwdbeauty
Artistic director @clarewaightkeller will be dedicating @givenchyofficial’s fall 2018 couture show in Paris on July 1 to house founder Hubert de Givenchy, who passed away in March at age 91. Givenchy said the collection would be “an homage to his iconic creations, technique, and personal lexicon” and a “celebration of his timeless elegance and grace.” Head to WWD.com to read more. #wwdfashion (📷: Delphine Achard)