Dillard's Inc defended its "conservative financial posture” on Friday as Fitch Ratings downgraded the retailer’s debt and activist shareholders continued to loom in the background.
The credit watchdog reduced Dillard’s issuer default rating to “B” from “BB” and kept its outlook at negative. Investors didn’t seem too troubled by the downgrade, however, pushing the firm’s stock up 15.1 percent to close at $5.33. The weakening consumer economy and credit squeeze are working against Dillard’s as well as many other chains.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"