Investors struggled to find their footing Thursday and pushed retail shares down 0.1 percent as concerns about Washington’s bailout for banks outweighed news that January retail and food service sales rose a seasonally adjusted 1 percent from their poor showing in December.
Nearly coming back from larger declines earlier in the day, the S&P Retail Index dipped 0.21 points to 267 as the Dow Jones Industrial Average slid 0.1 percent, or 6.77 points, to 7,932.76.
Shares of Pacific Sunwear of California Inc. rose 11.1 percent to $1.50 as the company’s management continued to be needled by would-be suitor Adrenalina Group, which said it intends to nominate four directors to the specialty retailer’s board. Adrenalina owns 2.1 million shares, or about 3.2 percent, of PacSun.
Adrenalina’s chairman and chief executive officer, Ilia Lekach, sharply criticized PacSun’s leadership as he disclosed his intention to nominate four new directors to the firm’s board. Reached by phone, he said the names of his nominees would be forthcoming. Last year, the three-door Adrenalina tried and failed to acquire the 932-store firm for $5 a share.
In a letter dated Thursday to Sally Frame Kasaks, chairman and ceo of PacSun, Lekach wrote: “We cannot afford, nor can your shareholders afford, to sit idly by while the company, under your command, continues to destroy shareholder value and cause its very existence to be threatened. We hereby demand your immediate resignation from Pacific Sunwear, which is imperative for the company’s survival.”
A call to PacSun seeking comment was not returned Thursday afternoon.
Most specialty players were up, with some of the strongest increases from New York & Company Inc., advancing 16.8 percent to $2.22; Eddie Bauer Holdings Inc., 12.9 percent to 79 cents; Charming Shoppes Inc., 11.8 percent to $1.14, and AnnTaylor Stores Corp., 9.1 percent to $6.46.
In the first trading day after reporting an 84.6 percent drop in first-quarter net income, Gildan Activewear Inc. saw its shares go into a 23.7 percent tailspin, finally closing down $2.42 at $7.79.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)