BIG STAKES: Value City Department Stores Inc. shareholders last month ratified a $525 million refinancing deal that gives a group including Schottenstein Stores Corp. a 67.5 percent beneficial ownership stake in the discounter. As reported, the...
BIG STAKES: Value City Department Stores Inc. shareholders last month ratified a $525 million refinancing deal that gives a group including Schottenstein Stores Corp. a 67.5 percent beneficial ownership stake in the discounter. As reported, the arrangement was entered into in June, but wasn’t ratified until last month’s annual meeting on Sept. 26. In a Securities and Exchange Commission filing Tuesday, the retailer said it also repaid and ended previous financing agreements with Schottenstein. The group sold a 6 percent participating interest in the financing arrangement, which included the transfer of 88,644 warrants, to a third party earlier this month.
BURLINGTON MANAGEMENT SHIFTS: Douglas J. McGregor, the 61-year-old former mining executive who Burlington Industries Inc. hired out of retirement in 2000, is to step down as president and chief operating officer of the Greensboro, N.C.-based mill at the end of the year, according to a company statement. Peter Liu, who joined the company a year ago and heads its Hong Kong-based Burlington Worldwide operation, will take on responsibilities for all apparel fabrics sales, marketing and product development, and will report to chairman and chief executive officer George Henderson. The company is beginning a search for a candidate to fill the new post of executive vice president of North American operations, overseeing the company’s manufacturing plants.
SARA LEE SWEETENS: Enjoying the benefits of its reshaping program, such as increased sales of higher-margin goods and reduced operating costs, Sara Lee Corp. said first-quarter earnings would reach at least 35 cents a diluted share. This compares with the firm’s previous guidance of 27 to 29 cents a share. Sales from continuing operations are expected to be flat for the quarter with strength in intimate apparel, socks, meats and household products offset by weakness in the beverage, bakery, hosiery and direct-selling operations. Forfiscal 2003, Sara Lee is now looking for diluted EPS of $1.54 to $1.60, up from previous estimates of $1.44 to $1.50.
KLOTZ TO BANANA: Leslie R. Klotz has been named senior director of public relations and communications for Banana Republic, reporting to Amy Schoening, executive vice president of marketing. Klotz, based in New York, handles all communication for stores, product, media relations, events, sponsorship and community programs. Most recently, she was senior vice president of executive development and communications for Polo Ralph Lauren, andprior to that was director of media relations and communications for the Creative Artists Agency in Los Angeles.
@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