WRAPPED UP: A Versace spokesman confirmed on Friday that the company has completed its planned debt-restructuring initiative through Banca Intesa and Versace will fully reimburse 100 million euros, or $121.7 million at current exchange, worth of bonds due July 5. That is the same date Versace shareholders are slated to approve 2003 accounts. Under the terms of the deal, which was originally stipulated in March, Banca Intesa will lend the company 120 million euros, or $146 million. Versace’s net financial debt stood at about 117 million euros, or $142.4 million, at the end of 2003, down from 130 million euros, or $157.3 million, at the end of 2002.

LI & FUNG LANDS LEVI’S TOPS: Hong Kong sourcing powerhouse Li & Fung has signed a licensing deal with Levi Strauss & Co. to produce a line of men’s tops under the Red Tab, Silvertab and Premium labels, starting with the spring 2005 season. WWD reported in April that negotiations for the tops licenses were ongoing. Li & Fung also produces women’s and men’s tops under the Levi Strauss Signature label. Previously, Levi’s produced these tops in-house.

HOFFA QUITS TRADE POST: James Hoffa, president of the International Brotherhood of Teamsters, resigned from his post on the President’s Advisory Committee on Trade Policy and Negotiations late Thursday. Hoffa, whose place on the select committee that gives input on trade policy was seen as a boost to President Bush, said he had no choice but to resign after Bush signed the Central American Free Trade Agreement, which critics claim contains inadequate environmental and labor provisions. “The administration has clearly decided to wage a full-fledged attack on workers’ rights, social justice and economic common sense,” Hoffa said in a statement. He called the committee a “sham” and claimed labor’s advice was ignored and its input misrepresented on Capitol Hill.

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