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.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)