Sean John has renewed its exclusive retailer contract with Macy’s. Sean John will continue to be carried in over 400 stores nationwide, including the megastore’s flagship at Herald Square in NYC.
“Macy’s and Sean John have had a synergistic partnership that has thrived over the last 15 years and I am beyond pleased to continue our partnership with such an iconic American retailer. I am excited by the opportunity that this extended deal will continue to give the Sean John brand and all of our licensing partners,” explained Founder and CEO Sean “Diddy” Combs in fashionmag.com article.
“This extended partnership enhances an already strong business and personal relationship that has been built over the last 15 years and will prove to be a great step in growing the already lucrative apparel and accessory business at Macy’s,” said Sean John President and CEO, Jeff Tweedy. “It is and will always be our goal to provide trend-focused fashion for the Macy’s consumer. Our focus is to have a larger footprint in current Macy’s doors and expand to new doors.”
Sunny days for American Apparel
American Apparel projects that in 2018 it will be profitable again if the beleaguered retail store gets the bankruptcy turnaround it is hoping for. By 2020, the company projected a net profit of $23.7 million, well above its previous peak in 2007.
American Apparel is presently in Chapter 11 bankruptcy proceedings and has promised unsecured creditors—that are owned $145 million dollars—on Thursday in U.S. Bankruptcy Court in Delaware that their Chapter 11 filing will lower interest rates and that they would like to continue contracts with landlords and suppliers. Also, according to a fashionmag.com article, American Apparel assured that it will pay $1 million to unsecured creditors.
By eliminating $200 million in bonds, American Apparel plans to stabilize its finances by granting the bondholders, a group of hedge funds, ownership of the company.
“America’s Next Top Model” ends
The CW has canceled “America’s Next Top Model (ANTM).” The Cycle 22 finale on December 4 will be the last episode of “ANTM.”
“America’s Next Top Model was a successful franchise for two networks, first at UPN and then The CW, and it became not just a ratings hit, but a global pop culture phenomenon,” CW President Mark Pedowitz said in a statement. “I want to thank Tyra and Ken for all their years of success in establishing a show that was not just popular in the U.S., but all across the world.”
“ANTM” premiered in 2003 as model competition reality show hosted by Supermodel Tyra Banks. The reason for cancellation was low ratings.
—William S. Gooch
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