Big M Inc., which operates the Mandee Shops and Annie Sez nameplates, filed for Chapter 11 bankruptcy court protection Sunday night and became the first retailer to file in 2013.The filing was in a Newark bankruptcy court. The Totowa, N.J.-based firm owes $15 million to unsecured creditors. It also owes $3.2 million to Salus Capital Partners and other secured lenders. The largest unsecured creditor is CIT Group/Commercial Services, owed about $2 million.WWD first reported on the firm’s financial distress in December 2011, but the company managed to work out arrangements with creditors. Big M has been operating under settlement agreements with creditors since the spring of 2012, but there were still some rumblings about distress in the markets.Glenn R. Langberg, chief restructuring officer of Big M, said in a statement filed with the bankruptcy court that the firm’s anticipated gross revenue for the year ending Jan. 26 is $192 million. Big M has 1,200 employees, with 490 full-time staffers.While Big M has been “victimized by an economy that reduced its customers’ disposable income and clothing spending,” like most other retailers, Langberg said the business was “severely impacted” by Hurricane Sandy and its aftermath. That storm resulted in the “closure of practically all of the debtor’s store locations in the tristate area. The majority of those impacted stores, in addition to the company’s office and distribution center, were unable to open and/or fully operate for over a week,” Langberg said.The company has a $13.2 million debtor-in-possession facility from Salus, and it intends to restructure its business, as well as consider “all strategic options,” Langberg said.Big M was founded in 1948 by the Mandelbaum family, and remains a privately held family-owned business. Ken M. Mandelbaum, Big M’s former chairman and chief executive officer, retired in September 2011. He was succeeded to the chairmanship by his cousin, Alan Mandelbaum, who was president of Mandee.
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