Image courtesy of retailtouchpoints.com
Earlier this week a US judge approved a deal that would keep JCPenny (JCP) out of bankruptcy proceedings. This new deal will halt JCP from closing of its stores and keep thousands of its workers employed.
The U.S. Bankruptcy Court for the Southern District of Texas approved the deal for the 118-year-old distressed megastore. This deal is expected save J.C. Penny Co. Inc. 60, 000 jobs.
As reported on fashionnetwork.com, The transaction contains multiple parts. Lenders led by H/2 Capital Partners will forgive $1 billion in debt in exchange for 160 properties and six distribution centers. Mall operators Simon Property Group and Brookfield Property Partners will acquire the company’s slimmed-down retail operations for $1.75 billion (1.33 billion pounds) in cash and debt.
JCP was launched in 1902 by James Cash Penny in the state of Wyoming. The company went public in 1929. Over several decades JCP stores could be found in every state, with most states having several stores.
Image courtesy of fashionnerwork.com
DVF collaborates
Despite increasing COVID-19 infection rates, H&M is still on board with collaborations. Their latest collaboration includes one of the most esteemed designers in the fashion industry, Diane von Furstenberg. But instead of von Furstenberg collaborating on clothing, the creator of the wrap dress will collaborate with H&M on home furnishings.
“I’m thrilled to be collaborating with H&M Home, especially since I have such a passion for interiors,” DVF said in a recent press release. “The home is both a relaxing and empowering place where you can really ‘own’ a look or feel. With this collaboration, I want people to take charge of their home decor. The only rule I have is that your home should reflect who you are. The main point is to create a space that you’re incredibly comfortable in and is a true expression of your personality.”
This is the first time H&M Home has collaborated with a fashion designer. The Diane von Furstenberg and H&M Home collaboration will be available in 2021.
Image courtesy of dailymail.couk
Chanel price gorging
French luxury fashion house, Chanel, has announced in an increase in prices for the second time this year. In a response to a Reuters inquiry, the luxury explained, “the consequence of recent significant exchange rate fluctuations between the euro and certain local currencies.” Chanel continued, “the consequence of recent significant exchange rate fluctuations between the euro and certain local currencies.”
In May, Chanel increased prices on handbags and other small leather goods from 5% to 17% worldwide. And in October there was another 5% increased in Hong Kong, China, Japan, South Korea, and Great Britain.
Though these increased have been credited to a spending slowdown due to the COVID-19 lockdowns and pandemic, some analysts that prices have an increase of 30% in Asian countries compared to European countries and the US. This disparity in prices increase is difficult to explain in that the US and Europe has seen more COVID-19 infections and death than most Asian countries.
William S. Gooch
Speak Your Mind