Manhattan bankruptcy court has set Wednesday as the new date for submissions of bids in the HMX Group bankruptcy, with Dec. 17 the day a decision is expected to be made on the winning bidder. The deadline was extended by a week, in part because of court delays as the courthouse, located in lower Manhattan, had been closed for a period due to flooding damage from Hurricane Sandy.
Sources said that a number of bids are expected to be submitted. At least one is believed to be for the entire company. Another is said to be just for some of the brands. Currently, Authentic Brands Group has an offer on the table as the stalking-horse bidder. That offer, which includes separating the intellectual property from the operating division, is subject to better offers.
Anyone wishing to bid for the entire company will have to pay more than the $72.3 million stalking-horse offer. That amount covers the $60 million in prepetition claims held by the secured lender Salus Capital Partners, $5 million for the debtor-in-possession post-petition facility Salus provided, $5.1 million for administrative claims in the bankruptcy and a $2.2 million break-up fee, should HMX be sold to another bidder per the customary bankruptcy court auction.
The men’s apparel firm, formerly Hartmarx Corp., is in the process of completing its second tour of bankruptcy proceedings in four years. Listing liabilities of more than $50 million when it filed in October, the owners of suit brands Hart Schaffner Marx and Hickey Freeman also own the trademarks for Exclusively Misook and Christopher Blue.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion