Target CanadaTarget CanadaTarget Exiting Canada
New Target chairman and CEO Brian Cornell continues to make changes at the retailer. It was announced that Target is closing all 133 of its stores in Canada. The retailer is losing money by doing business there and has received permission to start the liquidation process. Alvarez & Marsal Canada has been brought on to assist with this transition. “I came hoping to find a path that would allow us to continue operations in Canada. My strong preference was to develop a plan to fulfill that vision. I realized the solution would not be easy,” Cornell said in a statement. Unfortunately, there will be a loss of around 17,600 jobs. Target has reportedly been disappointing Canadian customers.
Gucci Redesigned Men’s Show
Gucci’s in-house design team, under the direction of Alessandro Michele, have been working non-stop for today’s men’s show. The collection was completely redesigned, including all the accessories. In addition, the models were recasted and the runway setup was revamped. “It’s as far from the former Gucci as possible. Very young, and a clean break with the past,” said one industry source. It’s still unclear who will take the final bow, but we will no doubt find out soon!
Wet Seal Bankruptcy Update
The Wet Seal Inc. is planning an exit from bankruptcy as a reorganized chain of 173 stores and an online business with 1.4 million active subscribers. Last week, the struggling retailer filed a voluntary petition for Chapter 11 bankruptcy court protection in Delaware. The company also signed a $20 million debtor-in-possession financing facility with B. Riley Financial Inc. Wet Seal’s reorganization delegates the $20 million will get converted into newly issued stock. B. Riley will hold an 80 percent stake in the reorganized firm, with the remaining 20 percent given to creditors who hold “general allowed unsecured claims.”
Source: WWD, WSJ
Image: Getty Images
Tags: Alessandro Michele, Alvarez & Marsal Canada, B. Riley Financial Inc, Brian Cornell, Claire Mykrantz, Fashion Headlines, fashion news, Gucci, Gucci Creative Director, Gucci Men, runway, Target, Target Canada, Target Exiting Canada, Wet Seal, Wet Seal Bankruptcy