Brennan Honored … Ross Reports … Stuarts Sets Credit …
BRENNAN HONORED: Edward Brennan, chairman and chief executive officer of Sears, Roebuck & Co., is being honored by the Minority Economic Resources Corp. Brennan will receive the Dr. Martin Luther King Jr. Excellence in Leadership...
BRENNAN HONORED: Edward Brennan, chairman and chief executive officer of Sears, Roebuck & Co., is being honored by the Minority Economic Resources Corp. Brennan will receive the Dr. Martin Luther King Jr. Excellence in Leadership award at MERC's 22nd Annual King commemorative dinner Jan. 8 at the Chicago Hilton and Towers.
ROSS REPORTS: Ross Stores, an off-price retailer based in Newark, Calif., reported sales rose 4 percent in the four weeks ended Dec. 25, but said same-store sales declined 4 percent. In the period, net sales increased to $164 million from $157 million last year.
STUARTS SETS CREDIT: Stuarts Department Stores, Franklin, Mass., has finalized a new three-year $10 million revolving credit line with Foothill Capital Corp., secured by all Stuarts' assets, including inventory. It may be increased to $15 million.
"The financing arrangements with Foothill represent a significant step in the company's progress since its emergence from Chapter 11 proceedings," said Denis T. Lemure, president. "The financing arrangements should provide Stuarts with available borrowing capacity to finance its operations during the foreseeable future."
Stuarts runs 20 discount department stores in New England and had been operating without a financing package since emerging from bankruptcy in October 1992.
The company also said it made the final $5 million payment owed to unsecured creditors under the chain's Chapter 11 reorganization plan, paying creditors 36 percent of claims plus 80 percent of the retailer's common stock.
LAST CALL: Value Merchants Inc., which is operating in Chapter 11, said it received bankruptcy court approval to conduct going-out-of-business sales at 45 Everything's A Dollar stores and 30 Toy Liquidator stores.
The sales are expected to be completed by Jan. 30. About 500 employees will be affected.
Milwaukee-based Value Merchants operates more than 400 general merchandise stores and about 120 toy stores. The company filed its Chapter 11 petition earlier this month.
X-AM'S YOUTH CULTURE: Sun Apparel Co. today is launching a one-year ad campaign touting its new X-Am Jeans brand, specifically aimed at the mass market. The company projects total first-year sales of $20 million for the women's, men's and children's lines. Sun chose to target mass retailers because most major jeans brands sold there have been around for nearly 20 years old, and it hopes to attract the teenage market with a new label while the young shoppers are in these stores looking for music or makeup, said a company spokeswoman.The series of print ads features MTV video DJ and model Daisy Fuentes, and the launch is costing $3 million. The collection includes jeans, shorts, skirts and vests retailing from $15.99 to $24.99. Merchandise is slated for February delivery.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye