Fashion News Alert: Mary-Kate Olsen Files for Emergency Divorce, Condé Nast Layoffs, and JC Penny Files for Bankruptcy Protection

Image courtesy of popsugar.com

Currently, life is not so great for Mary-Kate Olsen. There is trouble at home.

Page Six reports that Mary-Kate Olsen has filed for an emergency divorce from husband of five years, Oliver Sarkozy. According to court papers filed in New York’s Supreme Court, “it was clear my marriage was over… the relationship has broken down irretrievably.” Though her emergency divorce request has been claimed, New York City courts are closed due to the COVID-19 pandemic.

Mary-Kate Olsen claims that she filed for an emergency divorce because Oliver Sarkozy wants her out of their home by Monday, May 18. Olsen contends that Sarkozy cancelled the lease of their residence without her consent. “I am petrified that my husband is trying to deprive me of the home we have lived in and if he is successful, I will not only lose my home, but I risk losing my personal property as well.”

The Post got hold of an email to Olsen’s attorneys from Sarkozy’s attorney Adam Turbowitz. “Olivier advises he went to the NYC apartment yesterday and noticed that a number of items of personal property were removed from the apartment. While Olivier has no issue with Mary Kate taking what she wants/needs, he would like a list of what has been removed so that he can keep track of who has what for the overall personal property division.”

Mary-Kate Olsen and Oliver Sarkozy married in 2015. The cuts were announced via a memo from the publisher.

Image courtesy of wwd.com

Condé Nast cuts staffers

Condé Nast is laying off over 100 of its US employees. Additionally, staff will also experience a reduction in hours.

“These decisions are never easy, and not something I ever take lightly,” Roger Lynch, the company’s chief executive, said in the memo, as reported in a recent article on fashionnetwork.com. “I want to be transparent about the principles and approach we used.”  

Condé Nast announced in April that it would be cutting between 10% and 20% of the salaries of staff that makes over $100,000. Those affected salary cuts include Anna Wintour and Roger Lynch. These salary cuts are due to a lose in revenue due to the COVID-19 pandemic.

Image courtesy of pymnts.com

More trouble for JC Penny

This week, JC Penny Co. filed for bankruptcy protection. The Chapter 11 protection was filed with the U.S. Bankruptcy Court for the Southern District of Texas.

The COVID-19 pandemic has mounted additional financial stresses on the megastore chain. Before the COVID-19 pandemic, JC Penny’s was already experiencing a lot of financial difficulties. The megastore was struggling with $4 billion dollars of debt. The Chapter 11 protection helps the megastore negotiate an agreement with creditors for about $900 million (743.6 million pounds) of fresh financing to aid operations, while it navigates bankruptcy proceedings.

At one time, the 118-year old store operated 1,800 stores and employed over 200,000 employees. Currently, JC Penny Co. operates 850 stores.

—William S. Gooch

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