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.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast