WELLESLEY, Mass. -- Filene's Basement Corp. will take a charge of $14 million before taxes, or $9.6 million after taxes, primarily to close three stores and relocate three others.
The stores to be closed are in Vernon Hills and Mt. Prospect, Ill., and Buffalo, N.Y. The relocations are in Cherry Hill, N.J.; Saugus and Worcester, Mass.
The company had said earlier it would close the Illinois stores and might close and relocate others.
Filene's also said the severely cold weather in the Midwest and Northeast will reduce fourth-quarter earnings by 2 to 3 cents a share. Sales in December ran ahead of plan, so inventories at the end of January should be on plan, it added.
The charge will also cover severance payroll related to an early retirement program for Filene's senior associates in its downtown Boston store and its Somerville distribution center, as well as other administrative expenses.
In the 1992 fourth quarter, Filene's earned $4.4 million, or 20 cents a share.
Jim Anathan, president, said he expects the closings, relocations and cost reductions to add $3 million pretax to 1994 earnings.
"After this realignment, all 53 of our stores and all our markets will be profitable," he said.
Anathan said Filene's same-store sales have shown improvement since the first half of 1993 as a result of new marketing and merchandising initiatives, including greater emphasis on TV and radio advertising, more national brands and special sizes, and reduced initial markups on some merchandise.
“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