Retail clothing chain True Religion, known for its denim jeans, has filed for creditor protection under Chapter 11 in the U.S. bankruptcy court in the District of Delaware, the company said Wednesday, listing its assets and liabilities between $100 million and $500 million.
It also signed a restructuring agreement with lenders that will cut its debt by over $350 million.
In October, Reuters reported that True Religion had hired a legal adviser to look at different options for debt restructuring. The company’s financial struggles have stemmed from a rise in online shopping as consumers move away from the shops and department stores where the retailer’s jeans are usually sold.
“After a careful review, we are taking an important step to reduce our debt, reinvigorate True Religion’s iconic brand and position the company for future growth and success,” John Ermatinger, True Religion’s chief executive, said in a statement.
The company said it would continue to operate normally, and that its trade creditors crucial to the business were anticipating to be paid fully. The full payment of claims for its continuing trade creditors, a category encompassing continuing vendors, suppliers and landlords, is provided through the restructuring plan.
True Religion said it has also acquired post-petition debtor-in-possession (DIP) financing for up to $60 million from Citizens Bank.
It could take about 90 to 120 days to receive confirmation of the prearranged plan from the bankruptcy court, the retailer said.
Michelle Obama revealed a secret about Barack Obama’s formal wear during his eight years in the White House: He wore the same tuxedo and shoes the entire time.
During a talk at Tuesday Apple’s Worldwide Developers Conference in San Jose, California, the former first lady lamented on how every detail of her outfits was critiqued while her husband got away with wearing the same shoes and tuxedo for years, and no one seemed to notice.
“This is the unfair thing,” Michelle Obama said. “You talk about Fred Astaire and Ginger Rogers -- no matter what we do, he puts on that same tux. Now, people take pictures of the shoes I wear, the bracelets, the necklace -- they didn’t comment that for eight years he wore the same tux, same shoes.
“And he was proud of it, too. He’s like, ‘Mmm, I’m ready. I’m ready in 10 minutes. How long did it take you?’ I’m like, ‘Get out of here.’”
The former first lady also shared the story behind a photo of her fixing her husband’s bow tie. She told the audience that they would always greet visiting state leaders at the North Portico, and while they were waiting, there were 100 members of the press also waiting and clicking away with their cameras.
“So, we’re standing there waiting for the cars to roll in, and I was bored,” she said. “So I sort of thought, let me make sure my husband looks good.”
It’s unclear how many sets Barack Obama had of his signature outfit, but he was photographed wearing at least one different tuxedo jacket during his term.
Fashion wasn’t the only thing that Michelle Obama discussed at the conference. She also talked about her passion for education, especially the education of young girls.
“I’m very passionate about girls’ education, and we still have a long way to go on equality and access,” she said, talking about the absence of women in STEM fields. “We have to teach young girls they are smart and can compete.”
You could call this a fishy fashion trend.
An Alaskan woman has created a dress made from 20,000 salmon bones.
The one-of-a-kind dress was a creative project four years in the making, according to designer Cynthia Gibson. Vertebrae from the Chinook salmon were used to create the dress, according to JuneauEmpire.com. Gibson said she's had a fascination with nature since she was a child, and once she moved to Sitka, her passion for salmon was sparked.
It was a painstaking process to clean and disinfect the 20,000 bones, then stringing them like pearls to construct the dress.
The dramatic results were displayed at the Wearable Arts Show, an annual fundraiser in Sitka.
A Chicago-based start-up has raised tens of thousands of dollars in support of its aim to diversify the male closet with its recently unveiled romper for men.
ACED Design launched a Kickstarter campaign Sunday for its RompHim collection.
For $95 -- $90 for the 200 people quick enough to snag an early bird RompHim – aspiring fashionistas can get one of RompHim’s three initial-offer styles. The male-friendly rompers come in red chambray, blue chambray and splatter paint cotton.
For an extra $100, fashion-forward patriots can get a red, white and blue, striped Fourth of July edition RompHim, with guaranteed delivery before the fireworks go off.
Just two days after ACED Design unveiled its rompers for men on Kickstarter, the company had raised more than four times its $10,000 goal, selling more than 400 RompHims and gaining the support of over 430 backers.
The RompHim is the result of a brainstorming session between four Chicago-based business school buddies, frustrated by the lack of male fashion that wasn’t “too corporate, too fratty, too ‘runway’ or too basic,” ACED Design said on its website.
“Why wasn’t there anything out there that allowed guys to be more stylish and fun without also sacrificing comfort, fit, and versatility?” designers wondered, according to ACED Design. “The more we thought about it, the more we realized that a romper hits all of these attributes – they can be dressed up or down and they’re unique, fashionable, and cool. But the one thing a romper didn’t have? A version for men. So we set out to fix that.”
ACED Design is offering the RompHim through Kickstarter until June 3, after which the company plans to move its storefront to its website.
Parents are calling a "hair policy" at a Massachusetts charter school racist after they said black female students are being suspended and disciplined for wearing braided hair extensions.
“I was kind of shocked because for years everyone has been able to wear braids,” said Maya Cook, a sophomore at Mystic Valley Regional Charter in Malden, Massachusetts.
Parents of two students told WFXT that their daughters have been kicked off their sports teams and barred from prom at Mystic Valley Regional Charter as discipline for refusing to take out their braided extensions. Others have been suspended, but the parents said they're not backing down.
Cook said school officials first pulled her aside two weeks ago after she and her sister, Deanna Cook, both African-American, had their hair braided at a local salon.
Their adoptive mother, Colleen Cook, received a call from the school.
“The school basically said that they didn't want anything artificial or unnatural in their hair,” said Colleen Cook.
The school's policy says students cannot have a hairstyle that is distracting to other students, and hair extensions are not allowed. Colleen Cook argued that the policy targets only black students.
“We told them there's nothing wrong with their hair the way it is. Their hair is beautiful, there's no correcting that needs to be done,” said Colleen Cook.
Deanna Cook said hair extensions and braids are integral to African American culture.
"It makes me feel like my culture and my hair was not important enough to be represented around the school," Deanna Cook told WFXT.
The Cook girls refused to take out their braided extensions and were punished with daily detention. Colleen Cook said it became worse last week.
“All the little black children were marched down for a hair inspection, whether they had braids or not, and asked, ‘Are those extensions? Are your braids real or not?’” said Colleen Cook.
In a statement, school officials told WFXT: “Our policies ... foster a culture that emphasizes education rather than style, fashion or materialism. Our policy on hair extensions, which tend to be very expensive, is consistent with ... the educational environment that we believe is so important to our students’ success.”
Colleen Cook said the school’s policy doesn’t send a message of success to her daughters.
“It really affects them to their core and tells them, ‘You're not good enough, you need to change,’” she said.
She has filed a complaint with the NAACP and the anti-defamation league and said that so far, there has been no response from school officials.
Mystic Valley Regional Charter released the following statement from Alexander J. Dan, the school’s interim director:
“The Mystic Valley Regional Charter School serves a diverse student population from surrounding communities that include Everett, Medford and Malden, among other cities. The school consistently ranks among the top schools in Massachusetts in MCAS testing, SAT testing and college admissions. We send students from all walks of life, including those of color and those from limited means, to the best colleges and universities in the nation.
“One important reason for our students’ success is that we purposefully promote equity by focusing on what unites our students and reducing visible gaps between those of different means. Our policies, including those governing student appearance and attire, foster a culture that emphasizes education rather than style, fashion or materialism. Our policy on hair extensions, which tend to be very expensive, is consistent with, and a part of, the educational environment that we believe is so important to our students’ success.”
Editor’s note: An earlier version of this story used the colloquial term “braids” to refer to braided hair extensions. This story has been updated to clarify the wearing of braided extensions.
An 80-year-old woman and her husband celebrated their 60th wedding anniversary this year at a party thrown by their family.
Janith and Joe Goedde, married May 11, 1957, in Haubstadt, Indiana, said the key to a long, happy and successful marriage is communication and prayer.
The great-grandparents celebrated their union at an anniversary party last month with 62 family members.
“Our anniversary is May 11, but to get everything and everybody together, we had it on April 30” Janith Goedde told ABC News.
The Goeddes were served a cake that read, “Happy 60th Anniversary.” Beside the lettering was a picture of the couple on their special day 60 years ago.
Family members complimented Janith Goedde on how nice she looked on her wedding day and encouraged her to try on her wedding dress again. She had kept the gown, which cost $69.95, in a plastic bag for decades, according to WABC-TV.
“When we came home that evening, one of the girls said, ‘I bet she can still get in her wedding gown. Where’s it at?’ Janith Goedde told ABC News. “I told them where it was in the attic, and they went up there and got it. So I had to put it on.”
The Goedde’s 1957 wedding announcement described the gown in detail.
It read: “For her wedding, the bride chose a floor-length gown of imported Chantilly lace and nylon tulle over satin, fastened down the back with tiny covered buttons. The fitted lace bodice was designed with Sabrina neckline and embroidered in pearlized sequins. The long sleeves tapered over the wrists.”
One of the Goeddes’ granddaughters posted a photo of her grandmother in the dress.
Joe Goedde said his wife “still looks beautiful.”
Read more at ABC News.
A 21-year-old entrepreneur is on his way to closing out the year with more than $1 million in revenue from his small business, and he just happens to have Down syndrome.
John Cronin, 21, of Huntington, New York, wanted to make people happy with colorful socks.
He told his father, Mark Cronin, about his idea, and together they set up an online store to sell socks. The company is called John’s Crazy Socks.
The company launched in December. The father-son duo decided to introduce “awareness” socks to support people with Down syndrome and autism. A portion of the proceeds from the business’ sales benefit the Special Olympics and the Autism Society of America.
ABC News reported that the company had its biggest month yet in March, earning more than $350,000 in revenue. They were featured on the website The Mighty in February, which helped propel their sales significantly. Overall, the company, which produces more than 850 sock styles, has earned more than $500,000 since its inception five months ago.
“It completely wiped us out,” said Mark Cronin.
This month, they hired more employees and moved to a larger space to accommodate the increased demand.
The father and son said they enjoy working together.
“Being John’s partner, seeing him come up the learning curve, is just wonderful. He works very hard,” Mark Cronin told ABC News.
An unsuspecting woman was confined to a wheelchair and visited multiple hospitals when her ankles blistered and swelled uncomfortably and alarmingly.
When Jessica Jones noticed a small, red spot on her ankle in February, she thought it was a spider bite. When she saw a doctor, he told her it was cellulitis, a common bacterial skin infection, WVUE reported. He gave her medicine and sent her home.
But the next day, the spot on Jones’ ankle had grown, and it was inflamed and painful.
Jones visited a local emergency room, where doctors told her she had bullous pemphigoid, a rare skin condition that causes large, fluid-filled blisters. Again, she was given prescriptions for medication and sent home.
But the blisters continued to grow, causing Jones more pain.
“She essentially had, at the end of the day, second-degree burns,” dermatologist Robert Benson told WVUE.
Visits to two more hospitals left Jones with a diagnosis of a photosensitivity rash and lupus erthyrematosus. Each time she was given medication, but nothing eased Jones’ pain or reduced the swelling and blisters. Before long, Jones couldn’t walk and she was confined to a wheelchair.
“It scared me because I’m thinking, ‘What if they have to amputate my feet?’ That was going through my mind,” she told WVUE. “They’re telling me this is lupus, bullous impetigus, and I said, ‘This is getting worse.’ I said, ‘I’ve been on all these antibiotics, steroids, creams -- nothing’s working.”
Two weeks after her first doctor’s appointment, Jones called an ambulance and was taken to a third hospital. While at Oschner Hospital in New Orleans, a doctor asked a question that the others hadn’t. She asked if Jones had worn any new shoes recently. Jones said she had.
“I noticed a couple of days after wearing them, the top(s) of my feet (were) getting sore, but I didn’t think anything of it. Shoes have always done that whenever I tighten the straps up on them,” Jones told WVUE. “The doctor said, ‘Where the strap is located on the shoe is exactly where your burns are.’ She says, ‘This is looking more like a chemical burn from leather more than bullous impetigus or lupus.’”
The doctor diagnosed her with contact dermatitis, a result of the severe allergic reaction Jones had to a material out of which the shoes were made.
Jones, who doesn’t blame the shoe manufacturer, said she may never wear leather again.
“As soon as you see (your skin) with redness, blisters and irritation, don’t wait too long to get checked out,” Benson said.
Read more at WVUE.
A Florida woman is calling on school leaders to clarify guidelines for what students can wear to prom after confusion and controversy arose over the dress that her daughter wore to the dance.
Leaders at Sandalwood High School in Jacksonville, Florida, told Action News Jax that the teenager's dress was too short in the front.
“She’s crying, she’s like, ‘Mom, just come and get me.’ I said, ‘No, you’re going to the prom.’ We spent all of this money, and it doesn’t make any sense for them to say it’s inappropriate,” Nydia Allen said.
Allen said her daughter called her an hour after she took a picture of her in her dress before prom. Most of the dress touches the ground. The skirt touches her knees in the front.
“She was saying that they said her skirt was too short,” Allen said.
Allen said she bought the dress based on the guidelines outlined in a letter that she said the school sent home.
The letter said dresses must be an appropriate length, but Allen said that when her daughter got to the prom, school leaders told her a different story.
“I asked them to show me what’s inappropriate, and they continued to say, ‘It says it here, it has to be to the ankle,’ and I said, ‘That’s not the paperwork you guys sent home.’ They need to change the way they’re writing these contracts for the students let it be known and make it clear, on what you expect at the prom. She can wear the skirt to school, but she can’t wear it to prom? What’s the difference?” Allen said.
A spokesperson for Duval County Public Schools sent Action News Jax this statement: “For Sandalwood High School, students were made aware in advance that prom dresses must be floor length. To resolve the issue, additional fabric was added to the front of the dress.”
Allen said they tried to add more material to the dress to make it longer, but eventually allowed her daughter in after she put on black tights.
Luxury retailer Jimmy Choo is on the market.
The BBC reports the high-end shoe brand is seeking offers, but has not yet received any bids.
Jimmy Choo believes a sale would “maximize ... value for its shareholders,” a company statement said Monday.
Right now, the British brand has a market value of nearly $900 million and operates more than 150 stores worldwide.
JAB Holdings Inc., a long-term investment company, currently holds 68 percent of Jimmy Choo. While it is “supportive of the process,” it also said there is “no certainty that an offer will be made, nor as to the terms on which any offer will be made.”
JAB Holdings, which also holds ownership in Krispy Kreme and Caribou Coffee, purchased Panera Bread earlier this month.
Jimmy Choo was co-founded in 1996 by former “Vogue” editor Tamara Mellon and Choo, who once worked for Princess Diana.
The brand received global attention after its shoes appeared in films “Sex and the City” and “The Devil Wears Prada.”
A single pair of Jimmy Choo shoes can sell for more than $1,000.
Traditional retailers have faced recent tough times. Many iconic brands, from Bebe to Ralph Lauren, are closing stores and taking other drastic measures to stay afloat. Department stores, including Macy’s, Sears, and J.C. Penney, are shuttering mall locations nationwide. Billionaire investor Warren Buffett blamed the trend in part on the rise in popularity of e-commerce companies, such as Amazon.
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