WOOLWORTH QUARTER LOSSES WIDEN; WOOLCO SALE IS CITED
NEW YORK--Stung by a big charge for selling Woolco stores and difficulties in Germany, Woolworth Corp. said Thursday its loss widened to $42 million in the second quarter ended July 30, from a loss of $10 million a year ago. Woolworth's posted an operating loss of $7 million in the latest quarter. The loss included a $30 million provision for selling Woolco stores in Canada to Wal-Mart, partly offset by an $8 million gain from selling securities in Germany. A year ago, Woolworth's had a $14 million operating profit. Year-ago results were restated due to an investigation into accounting irregularities announced in March. Net figures for the year were unchanged, though quarterly results were adjusted. At the specialty group, which includes Foot Locker, Northern Reflections and Champ Sports, operating profits increased 23.1 percent to $32 million. The general merchandise division had an operating loss of $39 million, including the Woolco charge. Woolworth's said its North American operations have improved since over 1,000 stores closed last year. "They've bitten the big bullet as far as store closings, and the company continues to move away from the variety store format where it's difficult to compete against discounters," said Isaac Lagnado, of Tactical Retail Solutions. "Those are good strategic decisions." Total sales in the quarter dropped 18 percent to $1.9 billion from $2.3 billion, reflecting the closings. --Fairchild News Service
“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