Going-out-of-business sales will begin today at Fortunoff Holdings LLC’s 20 retail locations, after a federal bankruptcy judge gave final approval of the estate’s sale to a seven-party joint venture group Wednesday.The firms are Tiger Capital Group LLC, SB Capital Group LLC, The Great American Group WF LLC, Hudson Capital Partners LLC, The Gordon Co. Inc. and Bobby Wilkerson Inc. The group will manage the liquidation of Fortunoff’s remaining housewares and jewelry inventory, which is valued at retail at about $212 million.Judge Robert Drain agreed to the sale of Fortunoff to the venture after hearing arguments from lawyers for the debtors and various creditors the day before. “This is the proper time to sell these assets and to do it in this manner,” Drain said on Tuesday. Lawyers for Fortunoff told the judge that the retailer’s gift cards, which it had stopped accepting after filing for Chapter 11 bankruptcy protection Feb. 5, would be honored until March 8. The New York State Attorney General’s office said consumers still hold an estimated $8.5 million in Fortunoff gift cards and credit slips. On Monday, the Tiger Capital-led group won an auction for the assets with a bid of roughly $82 million. It beat out the stalking horse bidder, itself a joint venture between liquidators Hillco Merchant Resources and Gordon Brothers Retail Partners Inc., which bears no relation to The Gordon Co. Fortunoff will pay Hillco and Gordon Brothers a breakup fee of $500,000.This is the second Chapter 11 petition for Fortunoff in as many years. The company filed in early 2008 and was purchased by NRDC Equity Partners in March of that year. On Tuesday, Salvatore Lobiondo of Zolfo Cooper, a restructuring adviser to Fortunoff, testified that most parties seeking to purchase the retailer in the latest auction did not want it as a going concern because of the amount of cash needed to support its continuing operation.Earlier in the week, Fortunoff’s Hewlett, a single-location Long Island store started by a Fortunoff family member, but independent of the chain, sought to explain to customers that it was not liquidating.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim