ROSE'S CH. 11 PLAN WILL TURN CHAIN OVER TO ITS CREDITORS
HENDERSON, N.C.--Rose's Stores Inc. has filed a Chapter 11 plan of reorganization that will give trade and other unsecured creditors 100 percent ownership of the 113-store discounter. With total unsecured claims--mainly trade claims--totaling roughly $130 million, and Rose's net worth estimated to be between $60 million and $90 million, the common stock payout to unsecured creditors is valued between 45 cents and 70 cents on the dollar. Although creditors must vote on the plan by early October, the plan won't become effective until after the Jan. 28, 1995, close of Rose's fiscal year. This will allow the trade ample time to review the retailer's performance through the crucial holiday retail period. Rose's, which said the plan has the support of its "significant" secured creditors and its unsecured creditors, also reported that it signed a three-year, $80 million exit financing deal with General Electric Capital Corp. The company expects the plan to be confirmed by November, and that it will emerge from Chapter 11 by April 30, 1995. The chain filed for Chapter 11 protection on Sept. 5, 1993. At the time, it had 215 stores. Secured creditors, primarily secured note holders, will receive $78 million in cash plus four-year notes to pay off the remaining $30 million in debt. Existing stockholders will receive warrants for the purchase of up to 30 percent of the reorganized company's stock, on a fully diluted basis. --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