MORE TIME FOR WARNACO
Byline: Vicki M. Young
NEW YORK — A Manhattan Bankruptcy Court Thursday extended until Feb. 6 the deadline for bankrupt Warnaco Group to file a plan of reorganization and complete a business plan.
Tony Alvarez, Warnaco’s restructuring officer, told WWD Thursday that the company was still conducting a review and hadn’t yet identified the assets to be sold. The firm previously said in court papers that it had identified four “assets” it would like to sell and had confirmed that intimate apparel maker Lejaby, a European firm not included in the bankruptcy, was on the block. Penhaligon’s, a British retailer of soaps and toiletries purchased in 1999, is also up for sale, according to sources familiar with the reorganization effort.
One source said that two former executives of Warnaco’s Warner unit are seeking financing to acquire the Warner’s operation, also part of Warnaco’s stable of intimate apparel brands.
Although speculation remains rampant, Warnaco disclosed nothing about its prestigious Calvin Klein jeanswear and Chaps by Ralph Lauren licenses. Many apparel analysts think it’s possible Polo Ralph Lauren will get back the Chaps license and take the operation in-house. Sources on Wall Street and in the apparel industry said it would be unlikely for Calvin Klein Inc. to buy back the license and take production in-house. A source with close ties to Calvin Klein said that the company was planning to form a joint venture with a third party.