WORK STOPPAGE AVERTED: A tentative agreement was reached over the weekend by the United Auto Workers covering UAW Local 174 members working at the Kmart distribution center in Canton, Mich. Details were not disclosed, pending ratification by members....
WORK STOPPAGE AVERTED: A tentative agreement was reached over the weekend by the United Auto Workers covering UAW Local 174 members working at the Kmart distribution center in Canton, Mich. Details were not disclosed, pending ratification by members. Local 174 members had been ready to strike last week. Separately, Kmart executives denied published reports that a list of specific store closures exists, and that the number is set at 567 sites. Executives insist that no decisions have been made, and denied there would be that many shut. As reported, real estate sources said last month that South Florida is among the targeted areas. Other targeted areas, those sources said, include Pennsylvania and Texas.
MAY CO. SALES SLUMP: The May Department Stores Co. reported lower preliminary net sales and same-store sales in October. For the four weeks ended Nov. 2, the St. Louis-based retailersaid overall sales fell 3.8 percent to $925.5 million from $961.7 million a year ago, as comparable-store sales dropped 7.1 percent. Net sales for the quarter also disappointed, falling 4.1 percent to $3.05 billion from $3.18 billion a year ago. For the first nine months of the year,sales dipped 1.5 percent to $9.3 billion from $9.45 billion in the year-ago period. Based on third-quarter sales, the firm anticipates diluted earnings per share of 8 to 10 cents, excluding a 2-cent charge for the previously announced division combinations and a 2-cent charge for the early redemption of 8 3/8 percent debentures during the quarter.
NOT SO GOOD: Goody’s Family Clothing Inc. last week ended negotiations for the previously announced acquisition by a private equity group. According to the retailer, the parties had differing views regarding the effect of the current retail environment on Goody’s earnings. Goody’s and the private equity group, which offered to buy the company for between $6.50 and $7.50 per share, or a premium of 37 to 58 percent, also agreed to terminate the provision in the letter of intent that called for a payment of between $2.5 million and $5 million under certain conditions as expense reimbursement.
SAMARITAINE SNARE: Union workers at Paris’ LVMH Moët Hennessy Louis Vuitton-owned Samaritaine department store planned to strike today against extended Christmas hours. The store, which is in the midst of a major overhaul, plans to stay open the week before Christmas until 9 p.m. Its doors usually close at 7 p.m., except on Thursday and Saturday, when they close at 9 and 8, respectively. Workers claim the extra hours will disrupt their family life. Paris’ other major department stores, including Galeries Lafayette and Au Printemps, plan to remain open a half-hour later than usual, until 8, the week before Christmas.
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.
@beyonce chose a custom gown by @falgunishanepeacockindia for mother @mstinalawson 's second annual Wearable Art Gala last night. The gown, which took 10 days to make, was inspired by Nubian warrior queen Amanishakheto. Reporting by @hernameislex . #wwdeye 👑 🐝#beyonce
After dressing @justintimberlake for his Super Bowl halftime performance last month, @stellamccartney has designed the star’s "Man of the Woods" tour wardrobe. Timberlake will be wearing a mix of pieces from McCartney’s fall men's collection as well as custom designs and items from his own closet. #wwdfashion