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.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)