The Bon-Ton Stores Inc. just bought itself a little bit of breathing room with a $18.9 million sale-leaseback transaction.The cash-strapped retailer will use the proceeds from the deal for its Herberger’s location in Roseville, Minn., to repay outstanding debt. The buyer was not disclosed.After the transaction closes, Bon-Ton will lease the property for an initial term of 20 years, with options to extend the term for four additional successive periods of five years.William Tracy, president and chief executive officer, said, “The sale-leaseback transaction unlocks additional capital, enabling us to repay debt and enhances our overall liquidity position.”Tracy said the company continues to pursue “opportunities available to us within our real estate portfolio to better position the business for the future.”He added, “We remain focused on executive strategic initiatives to drive enhanced performance.”According to Bon-Ton, the Herberger’s location recently completed a major remodeling that now includes several larger departments, updated fitting rooms and brighter lighting.The retailer narrowed its second-quarter loss to $33.2 million from $38.7 million a year ago. But total sales dropped 7 percent to $504.4 million and comparable-store sales declined 6.1 percent in the period ended July 29. Tracy said last month the retailer was working on initiatives to enhance the assortment, marketing and omnichannel strategies, as well as looking at cost reductions to “drive improved performance in the second half.”Shares of Bon-Ton on Thursday were up 0.02 percent to 47 cents in early Nasdaq trading.The retailer is on many credit analysts’ watch lists, both because of financial pressures and because of a higher apparel and accessories focus in its merchandise mix compared with competitors. And while some in the industry are optimistic over what they see as signs of a green shoot here and there, most believe that the retail sector will continue to be pressured this year by shifts in consumer shopping habits.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)