Edward S. Lampert’s bailout plan to eliminate $4.35 billion in Sears Holdings Corp.’s debt load isn’t enough to avoid further restructuring. That’s according to credit ratings agency Fitch Ratings, which said the proposals are “insufficient to avoid further restructuring given negative EBITDA trends [earnings before interest, taxes, depreciation and amortization] and ongoing liquidity needs.”
Lampert’s plan includes $1.75 billion in asset sales, comprising the Kenmore brand and the Sears home improvement and services businesses. The idea was raised by Lampert earlier this year in an effort to stave off a Sears bankruptcy filing down the road. The plan for ESL, Lampert’s hedge fund, to acquire the businesses was formalized into a proposal in August. In addition, the plan counts on $1.47 billion in real estate transactions and a $1.12 billion debt conversion. The latter would make debt holders become stockholders. And while it would cut the debt load by $4.35 billion, it would still leave Sears owing $1.24 billion.
As the conversation around sustainability only grows stronger in fashion circles, Everlane has made a new declaration: it’s saying goodbye to virgin plastic. The company, whose ethos is all about “radical transparency,” in terms of pricing and ethical factories, plans to be completely free of virgin plastics by 2021. “We’re producing millions of units and every unit that goes out is wrapped in plastic,” said founder and CEO, Michael Preysman. “At the beginning, it was like, ‘Hey, let’s just take off all these plastic bags.’ There are a lot of complications to that. Everything you buy in the world comes wrapped in plastic when it comes out of the factory.”
Meet Flamingo. The direct-to-consumer brand is Harry’s first foray into products designed specifically for women. The line goes beyond shaving, venturing into a space that is typically relegated to darker corners of the drugstore — at-home waxing. #wwdbeauty
Exclusive: @tommyhilfiger has tapped 22-year-old actress @zendaya to be his newest collaborator and together they will launch a see-now-buy-now collection in February. Speaking to WWD about the project, the Spider-Man actress said: “Fashion is more than just wearing cool clothes. It’s a way to celebrate self-expression and individuality, which is extremely empowering. This is why I am proud to partner with Tommy Hilfiger.” Tap the link in bio for the full scoop. #TommyXZendaya #wwdfashion