Jane & Company, a value-oriented cosmetics brand with annual revenues of about $25 million, filed for reorganization Monday under Chapter 11 of the U.S. Bankruptcy Code. Baltimore-based Jane, which is sold by mass merchants and drugstores, said the filing in Wilmington, Del., was “due to significant cash liquidity issues faced by Jane arising from the economic crisis that affected retail customers nationwide.” Court documents detailed assets of between zero and $50,000, and liabilities of between $1 million and $10 million. Listed among the top 30 unsecured creditors were: Topline Products Co. Inc., Wayne, N.J., $1.7 million; Jane Holdings LLC, New York, $947,096; Garrett-Hewitt International (N.Y.) Inc., Wilton, Conn., $474,106; DMI, Wharton, N.J., $381,309, and Unique Display Corp., Freeport, N.Y., $336,017. Five equity holders with preferred and common stock were named in the bankruptcy petition: Walnut Private Equity Fund, New York, holders of a 30.69 percent stake; Stone Canyon Venture Fund, Los Angeles, 30.66 percent; Lisa Yarnell, Stamford, Conn., 11.38 percent; Hauser Davis Tysoe Rorie I LLC, Cincinnati, 18.51 percent, and Omar Karame, Beverly Hills, Calif., 0.03 percent. A debtor-in-possession financing commitment has been obtained from Jane’s senior secured lender that will allow it to operate in Chapter 11, the firm said. Derek C. Abbott and Daniel B. Butz of the Wilmington law firm of Morris, Nichols, Arsht & Tunnell, LLP, represent the debtors. Drew McManigle was named chief restructuring officer several weeks ago and is leading Jane’s reorganization efforts. Yarnell, Jane’s chief executive officer, is serving in an advisory role. After months of speculation, the filing “really is not a surprise to many people,” McManigle told WWD. “But I do think with the fresh start provision it will give Jane an opportunity to come out on the other side of this process.” He said the firm’s debtor-in-possession financing commitment will allow the company to run and fill orders and get it into a “business as usual scenario” at least through June. “We will try to fast-track this; the longer you operate in Chapter 11,” the worse the outcome for the company, McManigle said, alluding to a possible sale of Jane. On Feb. 28, Jane alerted suppliers in a letter to its “major cash liquidity crisis,” and how it was “unable to meet its current payment obligations.” The problems were attributed to three factors, including a number of discrepancies with a “major mass retailer,” late payments from retailers as well as an aggressive December new product launch.
Exclusive: @longchamp is planning to stage its first official runway show at New York Fashion Week this fall. The French leather goods firm has expanded into ready-to-wear as part of its repositioning as a lifestyle brand. The show, scheduled for September 8, will also cap the brand’s 70th anniversary celebration. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @dominiquemaitre)
The Duke and Duchess of Sussex undertook their first overseas engagement as a married couple in Dublin. The trip included multiple events and outfits changes, including this black dress by @emiliawickstead that Meghan Markle wore for a party at the British Ambassador’s home. #wwdfashion #royals
At 20 years old – and with an estimated net worth of $900 million - @kyliejenner is the youngest person to ever make @forbes’ annual list of America’s Richest #SelfMadeWomen. “It’s incredible to be recognized for something I’m so passionate about, and I’m really grateful for that. I’ve always loved makeup and worked really hard to bring the first lip kit to the market,” said Jenner on founding @kyliecosmetics. See who else is on the list on WWD.com. #wwdnews #wwdbeauty (📷: @rainerhosch)
“The collection is inspired by Tulum and the Mayan Riviera – its laid-back luxury, life of cabanas, untouched coastline, natural habitats, exotic cocktails and jungle parties with renowned DJs,” said Matteo Maniatty, creative director and cofounder of @descendantofthieves, on the brand’s inspiration for its latest collection. See more designer sketches and inspirations on WWD.com. #wwdfashion #nyfwmens #nyfw
@riccardotisci17 is releasing a limited-edition capsule collection as part of his anticipated runway debut for @burberry in September. Delivered in a series of instant drops, this is the second Burberry capsule collection announced since Friday, when Tisci broke the news on his collaboration with @viviennewestwood. Get all the details on WWD.com. #wwdfashion #wwdnews
“It’s like a Cinderella story. You get a little fake, you get a little real, you put it together and voilà,” said legendary rapper Slick Rick, who helped pioneer the merge of luxury and streetwear. WWD’s @ariahughes spoke to @therulernyc about his jewelry collection, his collaboration with @bally and how the industry has evolved – link in bio. (📷: @kristaschlueter)
@ragandbone and @eminem are teaming up on a special capsule collection of streetwear pieces. Sold at a one-day pop-up in London’s Soho on Friday, the collection features three different T-shirt designs and a hoodie. The capsule is set to kick off the rest of Eminem’s shows in his European Revival Tour, which ends on Sunday. Get all the details on WWD.com. #wwdfashion