The New York flagship on Fifth Ave. will close by the end of December.
While Fitch Ratings expects continued debt restructurings and potential bankruptcies for challenged retailers in 2018, it also said those who filed for bankruptcy this year leaned more toward a liquidation of operations.In a report titled Fitch 2018 Outlook: U.S. Retail and Restaurants, sector leverage is expect to continue to rise, mostly due to earnings before interest, taxes, depreciation and amortization declines for operators from sales declines and investments in omnichannel models.David Silverman, senior director, said, “Fitch expects changing shopping habits to continue to drive corporate strategy around price positioning, omnichannel investments and real estate portfolio analysis. The gulf between market share gainers and donors is expected to widen.”Fitch said ideas to watch out for in 2018 include strategic initiatives by Amazon.com, and retail real estate rationalization, particularly at regional malls. Continued debt restructurings and potential bankruptcies for challenged retailers are also situations to keep tabs on.A separate Fitch case study on retail bankruptcies in 2017 noted that nearly half of the bankruptcies filed this year — 18 of 39 — ended as liquidations. Of the balance, 13 were reorganized as independent chains and eight were sold as going concerns to new owners.According to the study, Fitch expected additional sector defaults due to substantial pressure facing the retail sector. In the summer, the ratings agency disclosed its Primary Bonds and Loans of Concern lists, which included a number of retailers.Among the retailers on the Loans of Concern list include Nine West Holdings Inc., David’s Bridal Inc., NYDJ Apparel LLC and Charming Charlie LLC.NYDJ and Charming Charlie were also on the watch list of Moody’s Investors Service, a competing ratings agency. Moody’s in February also cited accessories retailer Claire’s Stores Inc. as having weak liquidity.Of the five retailers called out for their debt levels, Nine West shuttered its remaining full-price store at Rockefeller Center in May. Charming Charlie — the chain best known for its concept of merchandising its offerings by color — is in the process of closing its New York flagship on 39th Street and Fifth Avenue. A store associate said the Charming Charlie store would close by the end of this month. She also said the chain is closing a number of other stores. Fixtures such as three-drawer chests are being sold for $100 each, and signage about other fixtures up for sale state that Hilco Trading is handling the sale of inventory.Reports in the past week have suggested that a bankruptcy filing for Charming Charlie might be on the horizon if talks with lenders about its debt restructuring can’t be agreed upon. Executives at Charming Charlie did not return a request for comment.
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)
@Pharrell and his wife Helen Lasichanh were among the stars that came out to celebrate @rimowa’s first pop-up concept shop. The space, which is located on Rodeo Drive in Beverly Hills, draws inspiration from airport luggage carousels and lounge areas – and features the company’s luggage and accessories. If the pop-up is successful it could pave the way for addition temporary shops throughout the world. #wwdfashion (📷: Owen Kolasinski/BFA)
@carineroitfeld celebrated @crfashionbook’s first calendar last night with a dinner party at Spring Place in Manhattan. Photographed by @stevenkleinstudio, the calendar takes on a fitness theme and features @joansmalls, @gigihadid, @danielle_herrington_ – pictured here – and more. “[Carine Roitfeld] wanted me to feel sexy and she wanted me to be myself and feel it out on my own and do what I felt was right,” said Herrington, aka Miss October. #wwdeye
@saintrecords and @virgilabloh last night at @americanexpress’ “A Night With Success Makers” event. “I always bring it back to community because without that I wouldn’t have the courage,” said Knowles when asked how she has gotten where she is now. Read more highlights from their conversation on WWD.com. #wwdeye (📷: @lizdoupnik)
This Just In: Industry sources have told WWD that Anastasia Soare is rumored to be considering selling her beauty business, @anastasiabeverlyhills. According to those sources, Soare has tapped investment bank Imperial Capital to explore sale options for her eponymous beauty brand –– and with at least $340 million in net sales, this would be a big deal. Put in context of other recent transactions for makeup companies, Soare’s price tag could be in the billions if she were to sell the whole thing. #wwdnews #wwdbeauty (📷: @clint_spaulding)
@assouline’s latest book, “The Spirit of Bentley: Be Extraordinary” captures the adventurous attitudes and opulent lifestyles of @bentleymotors’ most creative owners and enthusiasts throughout the U.K. The 292-page hardcover has a section dedicated to showing its team of skilled artisans and photos of its most colorful owners, from George Bamford to designer @alicetemperley, pictured here by Aline Coquelle. #wwdeye
@google released its report on the most popular search terms this year. For fashion brands, the list was led by @gucci, the luxury brand that stunned the market last October when it pledged to stop using fur. Runner ups were @supremenewyork and @fashionnova, along with more established brands like @louisvuitton, @chanelofficial and @ysl. #wwdfashion (📷: @aitorrosasphoto)
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)