Goody’s Family Clothing Inc. has filed a disclosure statement and reorganization plan with the Delaware bankruptcy court, but unsecured creditors aren’t likely to collect much on their claims.
The disclosure statement provides for them to get, on a prorated basis, “unsecured creditors cash and unsecured creditors notes,” the value of which was unspecified in the document. Sources familiar with the plan said that, although the hope is to have something left for unsecured creditors after other disbursements are made, it is likely that they will end up with a return of zero cents on the dollar.
The retailer of moderate-priced family apparel, which filed for Chapter 11 on June 9, said a court hearing is set for Aug. 25. Should it get approval for the disclosure statement and reorganization plan, Goody’s can then begin the process of soliciting approval from creditors so it can obtain court confirmation of the plan.
The current plan, if approved, will effect a compromise and settlement among the debtors and their pre-petition lenders. The retailer will be reorganized, and will continue operations.
Paul White, Goody’s chief executive officer, said, “We appreciate the support of our vendor community, customers and employees during this Chapter 11 process.”
Goody’s, with headquarters in Knoxville, Tenn., operates 286 stores in 20 states.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“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