NEW YORK--The number of potential suitors for a hefty stake in Frederick's of Hollywood is being narrowed down. As reported, the intimate apparel retailer and the trusts set up by its founders hired investment firm Janney Montgomery Scott Inc. in June as a financial adviser to explore ways to enhance shareholder value, including a possible sale. In addition to shares owned by the trusts, the program could include the sale of all shares or assets, a merger or a joint venture. The trusts own 50.2 percent of the firm's outstanding shares. So far, more than a dozen large-size investment firms and companies--out of 40 parties that have expressed interest--have been qualified by Janney Montgomery Scott to make a bid, sources said. A spokesman for Janney Montgomery Scott said: "It's a situation where we've been talking to a number of people." He would not elaborate. Meanwhile, sources noted that the founders' trusts are being forced to sell their shares to pay off an estimated $11 million to $12 million in federal taxes. The late Frederick Mellinger founded the specialty chain in New York in 1946 as a mail order operation specializing in lingerie in the color black, which was considered risquA at that time. He moved his business to Los Angeles in 1947 and opened the first Frederick's store. Mellinger died in June 1990, and his wife, Harriet, died in April 1993. Sources say the trusts have since been forced to pay annual interest of $700,000 against the liability owed, but the IRS wants to have its money in full next spring. "The government allowed three years of interest payments. Now, they want it all," a source said. Officials at the Frederick's offices in Los Angeles could not be reached.
“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