Shares of Sears Holdings Corp. rose 12.2 percent Monday after the company said in a regulatory filing that it has a new short-term line of credit from ESL Investments for $200 million.The shares closed at $9.04 in Nasdaq trading. That’s above the 52-week low of $5.50, but substantially below the high of $18.18.According to the regulatory filing, ESL holds a 56.9 percent stake — 63.7 million shares — in Sears. ESL is the hedge fund run by Edward S. Lampert, who is also the chairman and chief executive officer of Sears.The filing said the new line of credit is a short-term loan that matures in 151 days from July 13, and carries an annual fixed interest rate of 9.75 percent. The filing also noted that ESL “expect[s] from time to time” to enter into additional short-term line of credit loans, subject to borrowing base limitations, for a principal amount of up to an additional $100 million at a fixed interest rate of not less than 8.25 percent per year. Any new loans would have a maturity date between 7 and 179 days.According to a spokesman for Sears, the $200 million committed by ESL is an incremental component to an existing $500 million credit facility. He said the loan is for general corporate purposes and available to subsidiaries of Sears. The $500 million facility had an original maturity slated for July 2017, but was extended until January 2018. Per an amendment earlier this year to the loan agreement, Sears has the option to further extend the maturity of the loan for another six months.In Lampert’s July 10 blog on Sears, in which he announced the closing of eight more Sears stores and 35 Kmart locations, he noted that the company is making progress on the restructuring program unveiled earlier this year, and that it is on track to achieve its $1.25 billion in annualized cost savings target. To that end, the company last month closed on more than $200 million of real estate transactions. And the retailer has said it has more assets and real estate locations that it can monetize to help it keep the company afloat.With the additional store closures, the company would likely be operating a little over 500 Kmart stores and under 650 Sears stores by year-end.
“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
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast