On Monday, Coach Inc. reached an agreement to purchase Kate Spade & Company for a cash transaction of $2.4 billion funded by a combination of senior notes, bank term loans, and approximately $1.2 billion of excess Coach cash, a portion of which will be used to repay an expected $800 million six-month term loan. The...
NEW YORK (AP) — Macy’s, the nation’s largest department store chain, says its earnings for the quarter that includes the holiday period dropped nearly 13 percent as results were dragged down by lower sales, store closures and other costs. The profit results beat Wall Street expectations, but Macy’s said it would post another year of...
Levi Strauss is committed to manufacturing all of its denim from sustainable cotton by the year 2025. There is just one problem..the technology to produce quality denim from worn cotton has not been invented yet. Just a small percent of the cotton Levi’s uses comes from recycled sources, the majority comes from virgin cotton. The $4.5...
Earlier this week, New York mayor Bill de Blasio announced the city’s planned investment in Sunset Park, Brooklyn- a complex at Bush Terminal dedicated to New York’s garment and film industry. The Made in New York complex, part of the Sunset Park District Plan, led by the New York City Economic Development Corporation (NYCEDC), is...
Macy’s said it plans to close about 100 stores, or 14 percent of its store base, and would continue to seek partnerships for its flagship locations as it seeks to turn around its business after six quarters of falling sales. Department stores have been struggling with stiff competition from online and off-price retailers. They are...
