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.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye