NEW YORK -- Jamesway Corp. said Thursday its creditors have accepted its revised plan of reorganization.
The plan must still receive bankruptcy court approval. A hearing is set for Dec. 12. Jamesway filed for Chapter 11 protection in July 1993.
The regional discounter said 80 percent of its secured claim holders, 100 percent of the senior claim holders, 99 percent of the unsecured claim holders, 81 percent of the subordinated unsecured claim holders and 84 percent of the equity holders, voted for the plan.
As reported, Jamesway's unsecured creditors will receive $55 million in cash upon confirmation plus 100 percent of the 12 million common shares in the reorganized Jamesway.
At the same time, Jamesway announced it would take a $7 million one-time charge to fourth-quarter earnings to pay for an inventory reduction plan.
The plan includes one-time markdowns to sell slower moving merchandise rapidly, accelerated sale of seasonal merchandise and focusing advertising on in-stock merchandise.
Etro’s show, titled “The Tree of Life,” was a celebration of the house’s 50th anniversary. “My father founded the company in 1968, which was the year of counterculture and psychedelia. It’s really a show that celebrates that and the paisley design of India and its origin,” said Veronica Etro. #wwdfashion #mfw #ss18 (📷: @delphineachard)
For @msgm’s spring 2018 show, creative director @massimogiorgetti said “Words, sounds, colors. Synthesis and therapy of a collection,” were the inspirations behind the collection, showing today. Read the rest of Milan spring 2018 inspirations on WWD.com. #mfw #wwdfashion #ss18
For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)
“Volumes and Graphic Art of the Nineties are the main inspirations of the new Aquilano.Rimondi SS 2018 collection,” said cocreative directors Tommaso Aquilano and Roberto Rimondi. #wwdfashion #mfw #ss18