BERLIN — Shares of Arcandor AG recovered late Friday after the resignation of a key member of Arcandor’s insolvency restructuring team sent the German department store, catalogue and travel group’s stock tumbling earlier.
Horst Piepenburg, one of Germany’s leading insolvency experts, stepped down as the authorized representative of the Arcandor management board on Thursday, citing insufficient support from the group’s largest shareholder, private bank Sal. Oppenheim Jr. & Cie.
Speculation that the private bank is reconsidering its involvement with Arcandor has been building since Sal. Oppenheim sold its direct 3.7 percent stake in the group last month. Sal. Oppenheim continues to hold a 24.9 percent Arcandor stake through its industry holdings company, but is no longer the group’s largest shareholder. That distinction has returned to Quelle heiress Madeleine Schickedanz, who holds 26 percent.
Arcandor said Piepenburg’s resignation would not have an impact on the group’s insolvency application proceedings, which are expected to last until the end of August. On June 9, Arcandor AG filed to open bankruptcy proceedings for the group, as well as the Karstadt department store division, Primondo catalogue division, including Quelle GmbH, and in the subsequent weeks, a total of 40 other subsidiaries, as well.
Piepenburg is the co-founder of Piepenburg & Gerling, a leading bankruptcy law firm in Germany.
Arcandor shares fell almost 11 percent early Friday to 0.43 euros, or 61 cents at current exchange, just above their 52-week low of 0.42 euros, or 59 cents. They picked up to close at 0.46 euros, or 65 cents, down 2.6 percent for the day, but ended the week 94.4 percent below their 52-week high of 8.18 euros, or $11.53.
“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