NEW YORK — Malden Mills Industries Inc., which filed for Chapter 11 last fall during a wave of bankruptcies that swamped many top U.S. mills, said Monday that it expects to file its reorganization plan with a Worcester, Mass., U.S. Bankruptcy...
NEW YORK — Malden Mills Industries Inc., which filed for Chapter 11 last fall during a wave of bankruptcies that swamped many top U.S. mills, said Monday that it expects to file its reorganization plan with a Worcester, Mass., U.S. Bankruptcy Court by the end of the month.David Costello, business manager at the Lawrence, Mass.-based maker of polyester fleece, said if the court approves its plan, the company expects to return to solvency by the end of the year.He declined to detail the proposed reorganization plan, "because the negotiations continue right now, and it is very hot and heavy as we move toward the date. We will be talking about the details until the day we file."When it went bankrupt in November, Malden was carrying about $140 million in debt. GE Capital is its chief creditor.Company executives have spent much of their energy since the bankruptcy filing to improve the efficiency of the company’s main plant in Lawrence, as well as a satellite facility in Goerlitz, Germany. Officials have toyed with the idea of moving some production to a lower-cost nation, such as China, but Costello said no decisions have been made on that front."It’s something that, as part of global flexibility, we are looking at and continue to make some inquiries on, but nothing has been decided yet," he said.Malden’s head count stands at about 1,500, roughly the same level at the time of the Chapter 11 petition, Costello said. Over the year leading up to its filing, Malden cut about 100 jobs.Still, that level is well below the 2,400 employee level the company had in 1995, when a fire destroyed its main plant and left its workers facing the possibility of a jobless Christmas. Buoyed by then-strong demand for the mill’s signature Polartec, president, chief executive and majority owner Aaron Feuerstein decided to rebuild the plant where it was, rather than move it to a lower-cost region, and keep all the workers on the payroll, while rebuilding the plant.It was a magnanimous gesture that catapulted Feuerstein onto the national stage. But Malden’s fiscal condition has never been the same. While it was rebuilding, aggressive competitors, primarily from the Far East, swooped in and captured much of Malden’s market share. In its last fiscal year, ended October, Malden’s revenues were $220 million, down from $400 million at its peak in 1995.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim