Robert D’Loren’s rocky tenure as chief executive officer of Bill Blass owner NexCen Brands Inc. has come to an end just as the firm managed to restructure its debt.
The company said Friday that D’Loren had resigned as ceo and as a board member. Kenneth Hall, executive vice president, chief financial officer and treasurer, was named to replace D’Loren as ceo. The firm will begin looking for a new cfo.
WWD on Friday reported speculation that D’Loren’s days at the firm could be numbered.
NexCen, which has been in financial straits since it was revealed in May that $30 million of the $70 million it borrowed to acquire Great American Cookie Co. Inc. had to be paid down in October, also said it restructured its bank credit facility with BTMU Capital Corp., giving it some much-needed financial breathing room.
The amended and restated financial agreements replace all of NexCen’s prior bank credit agreements and revise the terms on its $175.7 million of outstanding borrowings. The October payment related to Great American Cookie has been eliminated.
The firm’s outstanding loans have been restructured into three groups, with $47.6 million maturing in January 2010, $41.7 million in July 2011 and the remaining $86.3 million in July 2013.
“We are very pleased to have completed the restructuring of this bank credit facility with BTMUCC and are gratified by the ongoing support of our lender,” said Hall.
David Oros, chairman of NexCen, said Hall was well qualified for the corner office.
“Ken has been instrumental in completing the restructuring of the company’s financing arrangements and we are confident in his ability to lead NexCen as the company continues to execute the business restructuring plan initiated in May, which focuses on the franchising business,” said Oros.
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)
Discovery is collaborating with British pop artist @philipcolbert on a new line of clothing and accessories called Discovery Shark. The collection, which will launch next summer for Shark Week’s 30th anniversary, features a whimsical line of women’s and men’s bomber jackets, sweatshirts, bags and more. #wwdfashion
“I’m always a big champion of a female rapper, and I’m glad to see a new voice that feels unique and authentic that’s coming up, and I think we’re going to see more great things from her,” said @itsjeremyscott about @iamcardib, who performed at @moschino’s Art Basel Miami Beach party last night. #wwdeye (📷: @lexieblacklock)
@janellemonae’s “What’s Your Frequency?” room in @refinery29's #29Rooms made its debut this week at the opening of the Los Angeles art exhibit. “It’s about the ongoing conversation around mass surveillance, the weaponization of technology and cultural uniformity. My space was created so that we can come together and talk about the complexities of our humanity,” said Monáe. #wwdeye (📷: @bucknerphoto)
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)