In Brief: Cone Cuts…Investment Divestment…VF, Duly Noted…MMM, MMM, Good
CONE CUTS: Bankrupt Cone Mills Corp. said late Wednesday that it will close two North Carolina plants and cut back on denim production at a third, resulting in a loss of 625 jobs. The plants to be shuttered are the Cliffside Finishing and...
CONE CUTS: Bankrupt Cone Mills Corp. said late Wednesday that it will close two North Carolina plants and cut back on denim production at a third, resulting in a loss of 625 jobs. The plants to be shuttered are the Cliffside Finishing and Haynes facilities, while manufacturing will be scaled back at the Cliffside Weave factory. All are located in Rutherford County. Chief executive John Bakane said the moves are being made to help Cone meet the challenge of an “unprecedented onslaught of cheap imports.”
INVESTMENT DIVESTMENT: Hampshire Group sold off certain assets of its Hampshire Investments subsidiary to K Holdings, a company controlled by Hampshire’s chairman and chief executive, Ludwig Kuttner, for 250,000 shares of Hampshire stock. The firm also sold all common stock of the unit to an investment group that included Kuttner, Hampshire director Peter Woodworth and treasurer Charles Clayton for 450,000 shares of Hampshire’s common stock. Shares of the firm closed down 38 cents, or 1.1 percent, to $33.77 in Nasdaq trading before the after-market announcement Wednesday. That closing price valued the investment business at $23.6 million. In all, the firm will incur losses from discontinued operations of roughly $6.5 million from the two transactions. The move was approved by a special committee of the firm’s board, made up of four independent directors, which had input from investment banking firm Shattuck Hammond Partners.
VF, DULY NOTED: Standard & Poor’s Ratings Services assigned an “A-minus” rating to VF Corp.’s proposed $300 million in senior unsecured notes maturing in 2033 and maintained its “stable” outlook on the Greensboro, N.C.-based apparel titan. The new notes will be used to repay commercial paper used to finance the acquisition of Nautica Enterprises, which, according to S&P analyst Jayne Ross, “provides VF with an upscale lifestyle brand to add to its diverse brand portfolio and other product categories, opportunities for cost savings and greater penetration in the department store and specialty channels. It’s crucial, she noted, for VF to “stabilize and revitalize the men’s sportswear business” at Nautica, and risks exist in the department store channel, “as it is unclear whether this channel will rebound when the U.S. economy does.”MMM, MMM, GOOD: Paul Charron, chairman and chief executive of Liz Claiborne, has been nominated to the board of directors of Campbell Soup Co. He’ll stand for election at the Nov. 21 annual meeting. Steris Corp. president and ceo Les Vinney also was nominated.
@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)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)