WASHINGTON--Leonard (Boogie) Weinglass resigned as chairman of Merry-Go-Round Enterprises Inc. Wednesday, ending his 26-year association with the company he founded in 1968. Thomas Shull, MGR's chief executive, will replace Weinglass as chairman. James Kenney, formerly MGR's executive vice president and chief operating officer, is assuming the president's title from Shull and continuing as chief operating officer. He will also join the board, replacing former president Michael Sullivan. "It's really with mixed feelings we send [Weinglass] off to the next chapter of his life, but we're very confident in [merchandisers] Lou Spagna and Frank Tworecke to fill the void," Shull said. "Boogie picked them and he made very wise choices." Spagna, president of the Menz division, and Tworecke, president of the Merry-Go-Round division, are "very strong candidates" to replace Shull and Kenney when the company emerges from Chapter 11 protection, Shull added. He said he hopes to pull the company out of bankruptcy as early as this summer. Twelve years ago, Weinglass left the day-to-day operations of Merry-Go-Round. He remained chairman and returned in November 1993 to lead the firm out of a sales slump, but MGR was forced to file Chapter 11 two months later, in January 1994. "It was a very sad and emotional day for me [Tuesday] when I made that decision," said Weinglass, speaking by telephone from Aspen. "I just had enough. After 26 years, it was just not the same, and a lot of our friends are gone. Merry-Go-Round to me was always a family-type atmosphere, always lots of fun. But when I went back this last time, the fun was gone. It was strictly dollars and cents." Wilbur Ross, senior managing director of Rothschild Inc., which is advising shareholders in the bankruptcy, said Weinglass had planned all along to phase out his role with the company. His departure coincided with another turn in the Joppa, Md.-based company's bankruptcy. According to a published report here, MGR is questioning whether Bear, Stearns & Co., a major creditor, acted on insider information when trading MGR stock this month. Hannah S. Burns, managing director of corporate communications at Bear Stearns, denied any wrongdoing in the trading of a total of 53,000 MGR shares on Jan. 5 and 9, when stock prices had soared following the company's Dec. 30 announcement that all parties had reached agreement on a reorganization plan. Wednesday's Washington Post quoted a letter from MGR to Bear Stearns saying, "It has come to our attention that...Bear Stearns may have traded in the securities of Merry-Go-Round Enterprises Inc.... It is assumed that all such trades were not based on material, nonpublic information and that Bear Stearns has created an effective Chinese wall" to prevent the use of information gleaned during the bankruptcy process from being used to make trades. MGR asked Bear Stearns to sign a confidentiality agreement, which would restrict its trading in MGR stock. All other investment banks involved in the case have signed such agreements and halted trading. In a letter released by Bear Stearns Wednesday, the firm denied analyst Steven Gidumal, who helped negotiate the reorganization, had been given sensitive information during the talks. In addition, the letter said, "We firmly believe and are convinced that the trader who sold the shares acted solely and exclusively upon publicly available information and her own analysis of such information." MGR stock closed Wednesday at 1 5/8, up 1/4 on the NYSE.
@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)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“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