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: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)