In Brief: Not-So-Great Indoors…Amerex’s Canadian Expedition…Burlington Moves Ahead
Sears, Roebuck & Co. said it anticipates taking a third-quarter aftertax charge of $75 million to $100 million to close three underperforming Great Indoors home stores and convert a fourth into an outlet store. A...
Sears, Roebuck & Co. said it anticipates taking a third-quarter aftertax charge of $75 million to $100 million to close three underperforming Great Indoors home stores and convert a fourth into an outlet store. A Sears spokesman said the effect on full-year earnings per share will be released with the firm’s third-quarter operating results on Oct. 16. Currently, Sears forecasts fiscal 2003 EPS of $4.80 to $5, excluding any impact from the sale of its credit and financial products division. Most of the aftertax charge is expected to be noncash, and primarily includes closing costs, asset impairment and other related expenses. Following the closings, Sears will operate 18 Great Indoors stores in 11 markets.
AMEREX’S CANADIAN EXPEDITION: The Amerex Group has signed a deal with Debonair Creations, a Canadian import business, to market Amerex’s proprietary brands in Canada. Toronto-based Debonair is part of the Wertex Group. Amerex’s initial distribution in Canada will focus on its Gerry, Weather Tamer, One Madison, Alpine Studio and Static brands.
BURLINGTON MOVES AHEAD:
Burlington Industries Inc. took another step Thursday on its road out of insolvency. The U.S. Bankruptcy Court in Wilmington, Del. approved the company’s disclosure statement on its plan of reorganization, which will now be mailed to creditors, who have until Oct. 10 to review the plan. As reported, W.L. Ross & Co. has agreed to buy Burlington out of Chapter 11 proceedings for $614 million. If the plan is confirmed, the deal is expected to close by Oct. 30.
@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)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia