SHARE AND SHARE ALIKE: Loehmann’s Holdings Inc. will begin trading on the Nasdaq on July 29. The Bronx-N.Y. based retailer, which had been trading on the over-the-counter bulletin board, will continue to trade under the ticker symbol LHMS. In a separate development, Loehmann’s also announced that it has completed the sale of its building in the Bronx and received $5 million in cash from the transaction. The company’s corporate headquarters will continue to be located in the Bronx facility.
This story first appeared in the July 26, 2002 issue of WWD. Subscribe Today.
OF NOTE: J.C. Penney Corp. extended, until Aug. 7, the expiration date of its offer to exchange various outstanding notes for new notes maturing in 2012 and bearing an interest rate of 9 percent. The offer was originally set to expire July 24. As of that date, an aggregate of $227 million of the outstanding notes were accepted and became irrevocable.
EMPORIO REDO: Giorgio Armani has remodeled its six-year-old Emporio Armani store at 601 Madison Avenue and is reopening it today. The store has 9,000 square feet, including 6,000 square feet and two floors of selling space. Giorgio Armani designed the remodeled store with Manhattan-based architectural firm Janson Goldstein, similar to the smaller Emporio location in SoHo that opened in April 2001. There’s a dramatic entrance with an open atrium, a suspended staircase, and illuminated opaline plexiglas columns and wall panels in contrast to chocolate brown wenge walls. There is also a strip of Pietra Serena stone above the doors on the facade.
TRADE TALKS CONTINUE: House and Senate lawmakers late Thursday were still locked in their second full day of talks over a trade bill that includes apparel duty breaks for Andean countries and enhanced breaks for the Caribbean Basin and sub-Saharan Africa. The main point of contention is what workers should qualify for federal assistance if they lose their jobs as a result of new trade concessions. Democrats have made a broadening of the Trade Adjustment Assistance program — which now applies to workers who lose their jobs as a result of NAFTA — a must-have item. On the other side of the aisle, Republicans want to pass the trade bill because it would give President Bush the Trade Promotion Authority he desires. Lawmakers are scrambling to resolve the House and Senate versions of the bill before they leave for their summer vacations next week.””