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.
@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