DEBT RETIREMENT: ShopKo Stores Inc. on Monday reported that as of Dec. 10, it has voluntarily retired the $100 million term-loan portion of its credit facility with Fleet Retail Finance Inc. "Because we have made significant progress reducing working...
DEBT RETIREMENT: ShopKo Stores Inc. on Monday reported that as of Dec. 10, it has voluntarily retired the $100 million term-loan portion of its credit facility with Fleet Retail Finance Inc. "Because we have made significant progress reducing working capital, the capacity under the facility is no longer required," said treasurer R. John Pindred in a statement. "The voluntary retirement of the term loan demonstrates confidence in our company’s ability to continue to generate strong cash flows and effectively manage working capital." The revolving portion of the credit facility was used to fund the outstanding amount under the term loan. As a result of the retirement, the Green Bay, Wis.-based Fortune 500 company said it expects to realize interest expense savings over the remaining life of the facility, as this transaction reduces the total credit facility to $500 million from $600 million.
STOCK OFFER AND ORDERS UP: In a registration statement released Monday by the Securities and Exchange Commission, Delta Galil Industries Ltd. disclosed that it is offering to the public 1.1 million ordinary shares at $8.72 each for a proposed maximum aggregate offering price of $9.6 million. The commencement of the proposed sales began Monday, and, going forward, the stock will now be sold from "time to time." Separately, the Tel Aviv-based innerwear maker reported Friday it has received sales forecast data from Wal-Mart Stores Inc. and Target Corp., indicating that orders to those customers are expected to increase by approximately 20 percent in 2003. As the company’s two largest mass-market customers, those retailers together represented about 25 percent of Delta’s total 2002 sales. For the nine months ended Sept. 30, Delta’s sales were $151.9 million.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)