KMART’S FAST TRACK: Bankrupt Kmart Corp. on Wednesday received Chicago bankruptcy court approval of its $2 billion financing arrangement to use after exiting bankruptcy. The loan will be secured by inventory. The retailer, which filed its...
KMART’S FAST TRACK: Bankrupt Kmart Corp. on Wednesday received Chicago bankruptcy court approval of its $2 billion financing arrangement to use after exiting bankruptcy. The loan will be secured by inventory. The retailer, which filed its reorganization plan on Jan. 24, plans to exit Chapter 11 proceedings by April 30. As reported, the Troy, Mich.-based company received bankruptcy court approval Tuesday to close 316 stores. Going-out-of-business sales at the affected locations are expected to begin today and last 10 to 12 weeks.
BIG LOSSES AT AOL TIME WARNER: AOL Time Warner said Wednesday the company recorded a net loss of $98.7 billion in 2002, after a $45.54 billion asset writedown. It is the largest reported net loss in U.S. corporate history. Additionally, chairman Ted Turner will be stepping down in May. Turner’s resignation is only the latest in a series of high-profile departures from the company, following the departures of chairman Steve Case, chief operating officer Robert Pittman and chief executive officer Gerald Levin. The company made its disclosures after the market had closed. Its stock had closed Wednesday at $13.96, well off its 52-week New York Stock Exchange high of $28.54.
COTTON GINNY CLOSINGS: An Ontario Supreme Court on Wednesday approved a plan to shutter 95 underperforming Cotton Ginny stores as part of its restructuring plan. Larry Gatien, acting president and chief executive officer, said in a statement that there are "several potential buyers" for the remaining 110 Cotton Ginny locations. As reported, the wholly owned subsidiary of Arbos Co. Ltd. was granted bankruptcy court protection on Jan. 15. Cotton Ginny also operates Tabi International stores as a separate division, which is unaffected by its parent’s bankruptcy court filing.
EDDIE BAUER NAMES CFO: Eddie Bauer Inc. has hired S. Ronald Gaston as senior vice president, chief financial officer. He will report directly to chief executive officer Fabian Mansson. Gaston succeeds outgoing cfo Al Chambard, who is retiring after 22 years with the Redmond, Wash.-based retailer. Most recently, Gaston served as executive vice president and chief administration officer for Lane Bryant. Prior to that, he was cfo of Limited Inc.’s apparel group, which consisted of Limited Stores, Limited Express, Lerner, Lane Bryant and Henri Bendel Divisions.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)