All Corporate articles – Page 25
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News briefs
CCC’s chairman sells some of his shares
Dariusz Milek, founder and chairman of CCC Shoes & Bags, has reduced the stake he holds in the international Polish-based shoe retailing company indirectly through Ultro Holding of Luxembourg and a subsidiary. He now owns 24.84 percent of the ordinary and preferred shares in CCC, leaving him with 34.98 percent ...
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News briefs
Paraboot returns to full capacity
Paraboot, the French manufacturer of high-end footwear, has returned to full capacity production from May 4 at its factory in Saint-Jean-de-Moirans. The site closed down following the outbreak of Covid-19 in France but resumed partial manufacturing on April 6 and gradually increased production. The facility has an annual capacity of ...
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Article
J.C. Penney files for bankruptcy protection
Founded in 1902, J.C. Penney has filed for bankruptcy protection in the wake of the Covid-19 pandemic, following Neiman Marcus and J.Crew.
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News briefs
Boohoo raises £197.7 million as it prepares itself for acquisitions
The U.K. online fashion retailer boohoo is building up a warchest to finance takeover opportunities that are expected to arise in the coming months in the wake the Covid-19 pandemic. The company already has its sights set on potential targets. Boohoo has raised gross proceeds of £197.7 million (€221.5m-$239.5m) through ...
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Aldo Group files for bankruptcy protection to restructure
Montreal-based Aldo Group has filed for bankruptcy protection in Canada and in the U.S. as it prepares to restructure and stabilize its business after turnaround plans for its already loss-making business were derailed by the Covid-19 pandemic.
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Rohde plans e-commerce platform this year
The German shoemaker Rohde intends to launch a business-to-business (B2B) online platform this summer, followed by a business-to-consumer (B2C) site.
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Prada resumes production in Italy
Prada has launched a gradual reopening in Italy of its prototyping and sample-making departments, which are essential for developing its forthcoming footwear, leathergoods and apparel collections. It is also introducing serological testing of all employees.
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Article
Boohoo hikes cash pile while Farfetch continues to burn cash
boohoo is building up its cash pile thanks to its highly cash-generative business model and is ready to go on an acquisition campaign. Meanwhile, Farfetch continues to burn cash.
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News briefs
Prada scraps dividend payment
Like many other companies, Prada has decided to drop its full-year dividend to retain financial resources in the light of the crisis caused by the Covid-19 pandemic. It said that the decision will give it access to ”further resources to rapidly go back to its previous activity levels in the ...
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Caleres, Shoe Carnival boost credit lines
Caleres and Shoe Carnival expanded existing credit lines to ensure liquidity while stores remain closed during the Covid-19 pandemic.Shoe Carnival also eased the covenant on its credit agreement.
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News briefs
Wolverine changes its brand structure
By May 30 at the latest, Todd Spaletto will be stepping down as president of Wolverine Worldwide’s Michigan Brands group, which consists of the Merrell, Chaco, CAT Footwear, Hush Puppies and Sebago brands. Rather than replace him in the post, Wolverine is promoting three executives and dividing responsibility for its ...
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Article
Spain, Portugal to benefit from accelerated reshoring
The novel coronavirus Covid-19 pandemic could lead to an acceleration in the reshoring of manufacturing to Europe. Alicia Garcia-Herrera, senior fellow at the European think tank Bruegel, said in an interview with Exame magazine that the shift could be significant for countries such as Spain and Portugal. The move out ...
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News briefs
Debenhams files for administration
On April 6, Debenhams filed a notice of intent to appoint an administrator. The British retailer’s move would provide protection from any legal action that could push the business into liquidation, especially while the nationwide lockdown over the Covid-19 pandemic keeps its 142 department stores shuttered. Debenhams is preparing to ...
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News briefs
Peta invests in luxury brands
The American animal-rights group People for the Ethical Treatment of Animals (Peta) has taken advantage of the stock market’s decline caused by the Covid-19 pandemic to purchase stakes of undisclosed sizes in approximately 20 companies in the luxury industry, among them Kering, Burberry, Ralph Lauren and Guess. The purpose is ...
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News briefs
Neiman Marcus debt ‘unsustainable’
The credit rating of the iconic American department store was downgraded by S&P as the U.S. retailing industry suffers the impact of the novel coronavirus Covid-19 pandemic. Meanwhile, Moody’s cut its rating for J.C. Penney.
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News briefs
Foschini to forgo rent payments during South African lockdown
The South African retailer Foschini has said that it will not pay rent on its stores during the nationwide Covid-19 lockdown that began on March 27. “Once the situation normalizes we will then be able to assess the full financial impact on the business and will engage with you further,” ...
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News briefs
Aeffe’s share buyback
While many companies have dropped or suspended share buybacks to withhold cash because of the uncertain impact of the Covid-19 pandemic, Aeffe, the owner of Pollini and various fashion brands, has being purchasing its own shares in the latter part of March and early April. The last batch of shares ...
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Article
André hit by coronavirus
The once flourishing André chain of urban shoe shops, which has been struggling for several years, has been placed in insolvency proceedings, protecting it from its creditors. The lockdown of its 120 stores on March 16 because of the coronavirus outbreak was the final straw, as it lost nearly €4 ...
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News briefs
Carlos Wizard Martins acquires Alpargatas Argentina
The Brazilian businessman Carlos Wizard Martins has acquired the entirety of Alpargatas S.A.I.C. of Argentina, and with it the worldwide rights to the Topper brand of athletic footwear. The similarly named Alpargatas S.A. will remain a separate operation in Brazil. In September 2018 Wizard Martins paid $24 million for a ...
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News briefs
Birkenstock introduces collection
Birkenstock unveiled its latest collection at Sole DXB, Dubai’s biggest street festival, on Dec. 5-7. The annual Sole DXB festival serves as a regional platform for footwear, fashion and arts. The launch, within the framework of Birkenstock’s international expansion strategy, took place shortly ahead of the brand’s entrance into the ...
