For the quarter ended Oct. 28, the Houston-based retail chain said its net loss was $22.9 million, or $1.23 a share, compared with a $2.4 million net loss, or 13 cents, in the year-ago period. The company, which filed for Chapter 11 bankruptcy...
For the quarter ended Oct. 28, the Houston-based retail chain said its net loss was $22.9 million, or $1.23 a share, compared with a $2.4 million net loss, or 13 cents, in the year-ago period. The company, which filed for Chapter 11 bankruptcy court protection on Oct. 16, recorded an $11 million charge for restructuring costs and a $9 million charge in connection with the closure of 44 stores. Excluding the charges, the net loss would have been $3 million. Completion of the store closures is expected by Dec. 24, leaving the retailer with 79 units.
Sales in the quarter rose 10.1 percent to $64.8 million from $58.9 million in the same 1999 quarter, while comparable-store sales increased 10.3 percent. Weiner's said sales in the current quarter were helped by the recognition of $5.8 million in layaway transactions from prior periods.
Weiner's also said that a Delaware bankruptcy court on Dec. 6 issued a final order approving its debtor-in-possession financing facility. The $35 million DIP agreement with the CIT Group/Business Credit Inc. includes a $15 million sub-facility for the issuance of letters of credit. The agreement, announced on Oct. 16, is secured by substantially all of the company's assets.
For the nine months, the company's net loss is $28.3 million, or $1.53 a share, compared with $59,000 in net income, or 0 cents, in the prior-year period. Excluding restructuring and store closure charges, the net loss for the nine months was $8.5 million, or 46 cents a share.
Sales in the nine months dropped 7 percent to $193.5 million from $208 million, while comps decreased 10.3 percent.
At the time of the filing, the bankrupt chain said it had been experiencing operating losses through the first half of 2000. Shortly after the filing, the 75-year-old retailer said it will be changing its name and broadening its merchandise mix.
As reported, beginning next February, the chain will officially be known as Weiner's Plus. Its new focus will be more on home products, such as small appliances, bed and bath items, housewares and toys. The retailer is planning a redesign of its store layout, as well as a fashion focus on trendy casual apparel, to coincide with its name change.
“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
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast