NEW YORK — Bankrupt Warnaco Group on Wednesday filed its June operating report with the Securities and Exchange Commission showing a loss due primarily to reorganization costs.
For the period from June 2 through July 6, the loss was $27.6 million on revenue of $110.2 million. Operating income was $1.4 million, but reorganization costs of $28.2 million clearly pushed the firm into the red for the month. Restructuring-related costs include: $1 million in asset write-offs; $2.7 million in professional fees; $488,000 in retention bonuses; $1.1 million for severance and $22.9 million for a lease settlement with GECC.
For the six months, the loss was $722.6 million on revenue of $665 million. Operating income before reorganization items was $21.2 million. While reorganization costs were just $56.6 million for the six months, a previously reported charge of $660.9 million for the cumulative effect of an accounting change skyrocketed the period’s loss.
Warnaco has the exclusive right to file a plan of reorganization until Aug. 30. The company said in the filing that it doesn’t anticipate sufficient funds to pay any distribution to holders of either common stock or preferred securities under a confirmed plan of reorganization.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia