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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty