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.
There'll be no rest for those headed to Europe for men's, as Paris just closed the gap with Milan. According to a provisional calendar released by the Chambre Syndicale, Paris Men's Week will now open a day earlier on January 16. See new highlights on the official lineup on WWD.com. #wwdnews #wwdfashion (📷: @kukukuba)
BREAKING: Jonathan Saunders is leaving @DVF. The designer has resigned from his position as chief creative officer of Diane von Furstenberg, the company said in a statement on Friday. At the time of his hire, von Furstenberg said Saunders’ arrival symbolized and facilitated her stepping back from the day-to-day duties that occupy the work of a full-time creative director. The British designer joined DVF in May 2016 and was in charge of all product categories. #wwdnews
For @versace_official’s spring ad campaign, the brand emphasized the archival prints from the spring tribute collection dedicated to the late Gianni Versace. Closing out the show were five of Gianni’s favorite models: Cindy, Naomi, Carla, Helena, and Claudia. Bowing on December 18, the new campaign is yet another tribute to supermodel-dom as the images by Steven Meisel are fronted by @iamnaomicampbell, @cturlington, @gisele and more. #wwdfashion
Four-time Oscar-nominated actress Annette Bening has been waiting 20 years to play Gloria Graham in "Film Stars Don't Die in Liverpool," which will be released on December 29. The movie about Graham – a Hollywood star known for her controversial relationship with a younger Englishman named Peter Turner – is based off a memoir Turned wrote. "She felt vulnerable to him, because she loved him, she really did love him. And anyone that we really truly are in love with, we re vulnerable to in a very deep way," said Bening. Read our full interview with the modern icon of an actress on WWD.com. #wwdeye (📷: @ninebagatelles; Styled by @cristinaehrlich)
The crisp white button down: a staple that can be dressed up or down and accessorized throughout the decades. Here, on a Art Basel-goer in 2017 on the left and on the iconic Audrey Hepburn in “Roman Holiday” in 1953 on the right. #tbt #wwdfashion (📷: Andrew Morales)
Known for her work with @victoriassecret, 25-year-old model @georgiafowler is raising her profile in Hollywood. Fowler stars in @vincecamuto’s holiday campaign, which launched in partnership with “Pitch Perfect 3.” “Almost every shoot with Vince Camuto, I’ve had to face a fear…It was definitely a challenge. I’m so grateful for it, though. I’ve always wanted to be a pop star, so that was the perfect chance,” Fowler said. Head to WWD.com to read about Fowler’s experience modeling, including at the #VSFashionShow, and her relationship with Nick Jonas. #wwdeye (📷: @jilliansollazzo)
EXCLUSIVE: Huda Kattan just became the first beauty influencer to land a major beauty deal. Kattan's business, @hudabeauty, has received a minority investment from private equity firm TSG Consumer Partners. The brand, which industry sources say is on track to do $200 million in retail sales for 2017, will receive support on product, retail and geographic expansion through the deal. Get all the details on the deal and read @_a_collins' interview with Kattan on WWD.com. Link in bio. (📷: @jgreenery) #wwdbeauty #wwdnews
Peruvian model @juanaburga_official – who is known for walking the runways of @rodarte, @viviennewestwood and @torybuch – is making the move to the big screen with drama “Los Últimos.” The film premiered in Argentina in November and arrives in the U.S. and Europe in 2018. On making the switch from modeling to acting, Burga told WWD: “It’s a completely different thing – a lot of people think it’s similar or try to connect things, especially like getting used to the camera or being looked at all the time or playing these different characrers, but film is a completely different story.” #wwdeye (📷: @jgreenery)
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)