Rue21 said it has received bankruptcy court approval of its reorganization plan, clearing the way for it to exit bankruptcy proceedings.Melanie Cox, chief executive officer, said, "We are very pleased to have moved through the restructuring process in a relatively short period. With the support of our lenders, our landlords, all of our business partners and the hard work of our team, the company has performed consistently well ahead of its liquidity plan, and exceeded its second quarter target for adjusted EBITDA by over 200 percent."Cox added that the company can now "moved forward from a position of renewed strength."The company expects the reorganization plan to become effective by Sept. 15, provided all closing conditions are met.Upon exit, the teen chain will have wiped out about $700 million in debt. That debt was loaded onto the balance sheet from a $1.1 billion leveraged buyout led by Apax Partners, a private equity firm. It wasn't immediately clear exactly how much of a recovery unsecured creditors would get, but it is estimated to be in the range of 5 cents on the dollar. And while that is a small amount, it still makes the bankruptcy one of the few where unsecured creditors don't exactly get wiped out – not to mention one of the few retailers that filed Chapter 11 and got to exit as a going concern.The teen retailer operates about 780 doors across 45 states. It filed its Chapter 11 petition for bankruptcy court protection on May 15.
@beyonce chose a custom gown by @falgunishanepeacockindia for mother @mstinalawson 's second annual Wearable Art Gala last night. The gown, which took 10 days to make, was inspired by Nubian warrior queen Amanishakheto. Reporting by @hernameislex . #wwdeye 👑 🐝#beyonce
After dressing @justintimberlake for his Super Bowl halftime performance last month, @stellamccartney has designed the star’s "Man of the Woods" tour wardrobe. Timberlake will be wearing a mix of pieces from McCartney’s fall men's collection as well as custom designs and items from his own closet. #wwdfashion
@carmeloanthony is upping his fashion game once again, introducing a hat collection with @goorinbros. Called Fresh Greens by Melo x Goorin, the line consists of five unisex models, all of which are made in America from 100 percent wool. Each hat is lined with Anthony’s signature and the inscription “Knowledge of self, wisdom and understanding.” You can purchase the collection line at Goorin’s website as well as three off its stores in San Francisco, New York City and Las Vegas #wwdaccessories
“I am of tradition, but that doesn’t mean I have an old outlook on life,” Hubert de Givenchy told WWD in an interview in 1978. The legendary designer, who died last week at the age of 91, achieved wide success soon after launching his own couture boutique in the early ’50s, but he refused to pine for that time. For the first time since its original publication, read our interview with Givenchy on his awe for Audrey Hepburn and looking forward. Link in bio. #wwdarchives #fbf (📷: Pierre Schermann)
About last night: @alexachung and @supergausa toasted the launch of their capsule collection. “It’s the shape that I love, so rather than amend the last and make the sole crazy or do anything wild, we just did really subtle additions that I think make it look really luxe-y,” said Chung. #wwdfashion (📷: Marc Patrick)
Exclusive: @off____white’s @virgilabloh is launching an exclusive eyewear capsule collection @sunglasshut. The unisex collection, which is made up of three styles, first made its debut on the brand’s fall runway show in Paris. Get all the details on WWD.com – link in bio. #wwdnews #wwdfashion