NEW YORK — Jacobson Stores Inc., still unsure of its future, gave more than half its employees their notice Friday as it moved closer to a liquidation.
A spokesman for the retailer said that the 18 specialty stores in five states continue to operate. He said that 240 employees at the headquarters in Jackson, Mich., were eliminated on Friday. Another 20 individuals in Orlando, Fla., were also let go. Most of those jobs were from merchandising, marketing and technology. The company still has 240 employees on its payroll, many in accounts receivable and payable.
According to Jay Indyke of Kronish Lieb Weiner & Hellman, counsel to Jacobson’s unsecured creditors committee, bids for the bankrupt company were due Monday. A stalking horse buyer, which would set the auction process in motion, is expected to be named by Thursday. An auction is set for July 24 in a bankruptcy court in Detroit.
As reported, the retailer on June 27 said it was pursuing a dual path in its bankruptcy, a course that allowed it to prepare to liquidate the operation as it solicits bids to sell the company.
A financial source familiar with the solicitations said that there are interested buyers for portions of the Jacobson operation, but not for its entirety as an ongoing business. As reported, proceeds from any sale resulting from successful bids "will not be sufficient to repay unsecured creditors in full."
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