NORTHFIELD, Ill. --Lori Corp., a costume jewelry and accessories supplier to mass marketers, has worked out a restructuring of its $22.7 million bank debt. Under the deal, the banks will receive 100,000 Lori common shares, 400,000 shares of Artra Group, here, owner of 64.3 percent of Lori, and at least $3.2 million in future cash payments. As part of the settlement, Artra contributed $1.5 million in cash to Lori for working capital. In the event of default on any terms of the agreement, the $22.7 million bank debt would be reinstated. As a result of the debt restructuring, Lori will record an $18 million extraordinary gain for debt forgiveness. For the three months ended June 30, Lori reported a loss before extraordinary items, of $1.5 million. A year ago, the loss before special gains was $1.7 million. Sales were up 2.4 percent to $9 million from $8.8 million. With the $18 million debt forgiveness, Lori would have shown a profit of $16.6 million. A year earlier, there was a debt forgiveness gain of $22 million, as a result of the emergence from Chapter 11 of Lori's New Dimensions Accessories subsidiary, and this produced a net profit of $20.3 million.
@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