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.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion