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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)