GUILFORD EXITS BANKRUPTCY: Guilford Mills Inc., which filed for bankruptcy in March at the tail end of a slew of filings in the textile industry, on Friday became the first company of that wave to return to solvency. As spelled out in the...
GUILFORD EXITS BANKRUPTCY: Guilford Mills Inc., which filed for bankruptcy in March at the tail end of a slew of filings in the textile industry, on Friday became the first company of that wave to return to solvency. As spelled out in the company’s reorganization plan, the Greensboro, N.C.-based mill issued new stock and turned over 90 percent of ownership to its former creditors. Former shareholders got the remaining 10 percent. Since its filing, the company has largely pulled back from the apparel fabrics business — its sole apparel-related venture is a plant in Mexico. The company focuses on the automotive and industrial fabrics trades. It reduced its debt from $270 million to $145 million by reorganizing.
l DIAMONDS IN THE ROUGH: Tiffany & Co. plans to open its first diamond cutting and sorting plant in the rugged Canadian mining town of Yellowknife next year. The $3 million plant is designed to complement the company’s 15 percent minority investment in Toronto’s Aber Diamond Corp. — which will open the Diavik mine in Lac de Gras, 250 miles to the north — at the same time as the plant. Tiffany has a 10-year contract worth at least $500 million with Aber to purchase stones from the Diavik mine. In the past, Tiffany has purchased finished diamonds from wholesalers in New York, Tel Aviv and Antwerp. The new proprietary facility is intended to give the firm more control over its supply chain.
NEW DEAL: CIT Commercial Services on Friday added Bernard Chaus Inc. to its family of apparel clients. Chaus signed a three-year contract for a $40 million revolving line of credit and a $10.5 million term loan. Nick DiPaolo, chief operating officer for Chaus, said that the new agreement with CIT "replaces an existing facility with BNY and GMAC that was due to expire on April 1, 2003." According to DiPaolo, the amount of the revolver remained about the same, but the term loan was reduced to $10.5 million from $15 million under the old facility.
FAMILY (TREE) DOLLAR: Howard Levine, president and chief executive officer of Family Dollar Stores, will succeed Leon Levine, the store’s founder, as chairman upon his father’s retirement next January. The elder Levine will take the new title of chairman emeritus. Leon Levine founded the Charlotte, N.C.-based discount retailer in 1959 with $3,000 of his own money and another $3,000 from his cousin. It took more than 40 years, but the company broke onto the Fortune 500 list last April, entering at number 443, with $3.67 billion in 2001 sales and earnings of $189.5 million. The firm will take a $1.3 million charge in its fourth quarter to account for Leon Levine’s retirement benefits, corresponding to the amount of his retirement package. Company contributions to his 401K will be discontinued following his departure.
MEISTER ADDING SPORTSWEAR: Bridge dress designer David Meister will launch a sportswear line in fall 2003. Stephen Ruzow, president of women’s wear at Kellwood Co., which has David Meister under its portfolio, said the company decided to expand into sportswear based on the success of the line at retail. Ruzow said the sportswear component should help bring the brand into the U.K., where David Meister dresses are already sold at Harrods and Selfridges, and then into the rest of Europe.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)