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.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)