CONE EXTENDS CREDIT: Cone Mills Corp. said Wednesday it had extended its $56 million credit facilities through March 2004. The arrangement had been scheduled to end on June 27. The facility includes a $25 million 12 percent senior note and a $31...
CONE EXTENDS CREDIT: Cone Mills Corp. said Wednesday it had extended its $56 million credit facilities through March 2004. The arrangement had been scheduled to end on June 27. The facility includes a $25 million 12 percent senior note and a $31 million revolving variable-rate credit line, on which Cone is currently calling about 8.1 percent in increase. The Greensboro, N.C.-based company also said it settled $4.1 million in equity appreciation rights it had granted as part of an earlier credit agreement, paying off the rights at half face value in cash, along with stock and other compensation. As a result of the settlement, the company expects to record a $4.1 million charge to its second-quarter earnings.
Chief financial officer Gary Smith said the credit extension “provides the time necessary to evaluate potential business opportunities that would allow us to execute our long-term vision and propose a comprehensive plan for a long-term capital structure.”
TEXTILES 101: Philadelphia University will host Basic Textiles, a seminar to provide an introduction to textile products from raw material through finished fabrics, on its campus June 23-27. Part of the school’s Continuing and Professional Studies, the seminar is recommended by the school for management personnel and trainees employed in textile and apparel-related fields. The program, which includes 11 workshops, will emphasize the basic language, process flow and performance characteristics of textile material and will be led by faculty members from the university’s School of Textiles and Materials Technology.
PHAT FETE: The retail, fashion and textile division of The National Conference for Community and Justice awarded Rush Communications chairman and chief executive officer Russell Simmons the 2003 Humanitarian Award at a luncheon May 20 at Manhattan’s Grand Hyatt Hotel. Simmons founded the Phat Farm clothing line in 1998 and runs Phat Fashions, which includes the women’s line, Baby Phat. The NCCJ also honored Keith Nagy, director of filament at Celanese Acetate, with the 2003 retail, fashion and textile leadership award. Textile industry executives including Saxon Textile Corp. president Gail Strickler, De Marco California principal Pearl Ann Marco, Tencel vice president Ellen Flynn and Textile Distributors Association executive director Bruce Roberts attended the annual luncheon, among others.
“What we’re doing is acknowledging a worthwhile cause,” said Roberts, who emceed the luncheon. “You’re not born to bigot. We have to educate the public for tolerance.”Since charity is not always enough, Roberts said, this year’s honorees were chosen for the time and effort they’ve given to promoting diversity with their companies, communities and families.
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye