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.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)