RECEIVABLES SOLD: Federated Department Stores Inc. reported Tuesday that it has signed a definitive purchase agreement to sell about $1.2 billion of Fingerhut receivables to CompuCredit Corp., an Atlanta-based credit card company. The transaction,...
RECEIVABLES SOLD: Federated Department Stores Inc. reported Tuesday that it has signed a definitive purchase agreement to sell about $1.2 billion of Fingerhut receivables to CompuCredit Corp., an Atlanta-based credit card company. The transaction, which could save up to 800 jobs, also includes the assumption of $450 million in receivables-backed debt issued by Fingerhut Master Trust. CompuCredit intends to retain Fingerhut employees currently servicing the receivables portfolios at its St. Cloud and Monticello, Minn., facilities. Federated has been informed by the Federal Trade Commission that the standard 30-day Hart-Scott-Rodino Act waiting period has been waived. The company also said it expects the disposition and monetization of Fingerhut’s assets to generate approximately $1.1 billion to $1.3 billion of aftertax cash proceeds, net of one-time costs.
TOM’S HONOR: On the agenda for the Gucci shareholders meeting July 15 in Amsterdam is the approval of Group creative director Tom Ford as vice chairman of the company’s management board, giving him a key role in Gucci’s strategic as well as creative decision making. Domenico De Sole is chairman of the management board. Gucci also has a supervisory board comprising eight non-executive directors.
LEVI’S ON REVIEW: Moody’s Investors Service on Tuesday placed Levi Strauss & Co.’s $1.7 billion in debt on review for a possible downgrade. The agency cited the San Francisco-based jeans maker’s five-year sales slump and its low current level of cash generation as concerns, noting that $1.1 billion of its notes are coming to term next year. Levi’s current senior implied debt rating is "B1." Its senior unsecured rating is "B2."
A grooming moment between @tanfrance and @antoni last night at the The LGBT Community Center Trailblazer Awards honoring Anna Wintour, Ricky Martin and more. See more photos at WWD.com #wwdeye (📷: @lexieblacklock)
“It was a very surreal feeling. It wasn’t like we were in the studio together coming up with it — it’s more like he discovered it and loved it. I didn’t let myself get my hopes up, but then it happened it was very exciting,” said singer-songwriter @nombe on discovering that @pharrell would be using his song, “Cant Catch Me” on his HBO documentary series “Outpost.” The German-born singer — named Noah MacBeth — talked to WWD about feminism, using art as a platform for political expression and personal style. Read more on WWD.com #wwdeye (📷: @jilliansollazzo)
This season, denim is going west – in influence. Brands like @fathersdaughterla (pictured here), @tommyhilfiger Jeans, @levis and more are opting for raw, top-stitching styles. (Styled by @thealexbadia; 📷: @ryanplett)
20-year-old British singer @jorjasmith_ made her debut at Coachella last weekend. We caught up with her and talked about her love for Amy Winehouse, working with Kendrick Lamar on the “Black Panther” album and her fashion philosophy. Read the interview on WWD.com #wwdeye (📷: @katiedaisyla)
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)