PRICE WARS: With Bradlees and Kmart taking a more promotional stance in the Northeast, Caldor Corp. "will likely catch the brunt of the pricing pressures," said, Thomas A. Filandro, an analyst at Gerard Klauer...
PRICE WARS: With Bradlees and Kmart taking a more promotional stance in the Northeast, Caldor Corp. "will likely catch the brunt of the pricing pressures," said, Thomas A. Filandro, an analyst at Gerard Klauer Mattison & Co., in a recent report. Bradlees, which last month filed for bankruptcy protection, has begun offering shoppers 50 percent off its entire inventory for one day every month, Filandro said. Additionally, Kmart's aggressive advertising, with "compelling discounts" on certain basics, will hamper Caldor's sales and margins over the next several months. In response, Caldor is testing "Bounce Back" coupons, a discount based on the value of the current shopping trip that can be used on future visits to the store. Caldor's same-store sales fell 6 percent in June and soft lines fared worse than other categories, the analyst said.
CEO SEARCH: B. Chris Schwartz has resigned as chief executive officer of General Textiles, which operates Family Bargain Centers, a 101-unit off-price chain. Schwartz, who also resigned as a director of parent company Family Bargain Corp., could not be reached for comment. The company said he left "to pursue other opportunities." William Mowbray, executive vice president and chief financial officer of General Textiles, has assumed Schwartz's responsibilities during the search for a new ceo. John A. Selzer, president and ceo of Family Bargain and chairman of General Textiles, said the off-pricer "over the past two months has performed well in an otherwise tough retailing environment." As reported, Family Bargain's loss in the first quarter ended April 29 widened to $3.6 million from $956,000.
STAMP OF APPROVAL: A bankruptcy court in San Antonio, Tex., has confirmed the Chapter 11 reorganization plan of Solo Serve Corp., a 29-unit off-price chain. Unsecured creditors will receive a payout of 72 1/2 cents on the dollar, half when the plan becomes effective, which is expected on July 18, and half before Dec. 20. The plan is funded largely by a $2.5 million cash infusion by General Atlantic Corp., Solo Serve's principal stockholder. The retailer said comparable-store sales in June fell 3.3 percent from last year to $10.4 million, in line with expectations.HEAD START ON DEREGULATION: Anticipating deregulation of the electric utility industry, the International Mass Retail Association has scheduled a conference for retailers to learn about cutting electricity costs. The two-day seminar, called "Cutting Power Prices Through Competitive Sourcing," begins July 19 at Loews L'Enfant Plaza in Washington. "The impending electric utility deregulation will rapidly change the way retailers purchase electric services, giving a major competitive advantage to those first capable of benefiting from the opportunities deregulation creates," Robert Verdisco, IMRA's president, said.
@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
@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)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)