WET SEAL DEAL?: Ailing teen retailer The Wet Seal Inc. is considering an agreement with S.A.C. Capital Management to generate some much-needed cash. Under the agreement, S.A.C. — which already owns a 4.5 percent stake in the company...
WET SEAL DEAL?: Ailing teen retailer The Wet Seal Inc. is considering an agreement with S.A.C. Capital Management to generate some much-needed cash. Under the agreement, S.A.C. — which already owns a 4.5 percent stake in the company — would issue $40 million to the Foothill Ranch, Calif.-based chain in exchange for convertible notes. Wet Seal, which posted a loss in August of $102.8 million for the second quarter, would receive an injection of $10 million of interim financing immediately. The remaining $30 million in notes would be convertible into common stock at $1.50 a share. The agreement would also leave the door open for an additional $15.8 million of investment rights warrants in financing of notes convertible into common stock. Wet Seal shares closed at $1.45, down 15 cents, or 9.37 percent.
L.A. SALE: The California Market Center in downtown Los Angeles has accepted an offer by Jamison Properties to purchase the apparel, home and gift wholesale complex, a spokeswoman said Thursday. WWD reported that Jamison was paying $135 million for the property. Escrow is expected to close by early February, the spokeswoman said. The market center, comprising three buildings and 1.9 million square feet, is about 60 percent leased, around the same occupancy it has had since Hertz Investment Group of Santa Monica, Calif., purchased it for $90 million in 2000. The spokeswoman said the building’s 94-person staff will be retained for 90 days after the close of escrow.
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