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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty