Sears Holdings Corp. said it completed a secured loan to enhance its liquidity at the same time it reported fourth-quarter results.
The loan — with gross proceeds of $440 million — helps the company unlock nearly $980 million of appraised asset values and is in connection with its agreement with the Pension Benefit Guaranty Corp. last year to prefund contributions to its pension plan for the next two years. The agreement releases 140 Sears properties so they can be sold. From the $440 million in proceeds, $407 million will be made to the PBGC to satisfy the company’s pension obligations. Sears said proceeds from the sale of the underlying properties would enable it to pay down the loan.
Mary J. Blige will be featured in ads for her friend, designer Dennis Basso. Of Blige, Basso tells WWD’s Rosemary Feitelberg, “She’s a modern day woman, extremely talented, very beautiful and she represents a powerful woman.” #wwdnews
Just In: In September, @bottegaveneta will be skipping a runway show. Instead, newly-appointed creative director Daniel Lee will make his debut for the brand in Milan next February. Lee succeeded former creative director Tomas Maier, who held the position for 17 years. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
The Gucci-Dapper Dan lineup, which launched today, reimagines archival pieces of the designer — especially tracksuits and jacket styles — in Gucci’s signature fabrics and decorative elements. Gucci leitmotifs, including embroidered dragons, bold letterings and the house’s signature green and red stripes, stand out on bomber jackets, T-shirts and tanks, in addition to tracksuits, which are offered in GG-printed nylon and velour. A new yellow Gucci logo also makes its appearance, inspired by the original sign of Dan’s Harlem store, reports @sandrasalibian. (📸: @ari_marcopoulos_official ) #wwdfashion
Candice Swanepoel’s line, Tropic of C is one of many modern, chic swimwear brands that use Econyl, a fabric made from regenerated nylon that is rescued from things like fishing nets, carpets and plastic landfills and remade into textiles for apparel and carpets. Other swim brands using Econyl include All Sisters, Mara Hoffman, Araks, Adidas and Volcom, to name a few, reports @jessiredale. Read more on sustainable swimwear on WWD.com. Styled by @elmercer (📸: @chrismiggs) #wwdnews
As the veil lifts on the topic of feminine care, modernized vagina-centric products such Queen V The Spritzer Rosewater Spray and vibrators from Smile Makers and Dame Products are growing in availability report @_a_collins and @ellenbthom. Read more on WWD.com #wwdbeauty (📸: @joshuascottphoto)