Which major luxury retailer just defaulted on loans, bringing them to the brink of bankruptcy?
“Neiman Marcus Group skipped a bond payment due this week to Marble Ridge Capital LP, according to a letter the hedge fund sent the luxury retailer on Thursday, setting the heavily indebted chain on a path toward bankruptcy,” writes Business of Fashion. “Neiman Marcus has been advancing preparations for bankruptcy, Reuters reported this month, and missing an interest payment means the company is in default with its creditors, according to the letter.”
When Reese Witherspoon's Draper James announced that they would be giving dresses away to teachers working remotely during the coronavirus crisis, they received millions of applications. How many dresses did they actually give away?
When Draper James, the fashion brand owned by Reese Witherspoon, announced their intention to give away dresses to teachers to thank them for their work during the coronavirus crisis, they were expecting a few thousand interested respondents. They got millions. Far more than could be accommodated by the 250 dresses the brand had to offer. Disappointed teachers soon took to social media to vent their frustrations, especially as Draper James began emailing them ads and offering them discounts as a consolation prize. “Reese Witherspoon didn’t give me a free dress. But she DID capture my email address,” Tweeted one teacher. Over the Easter weekend, the company sent another email to applicants saying that they would be making a donation of a unspecified amount to a charity that provides teachers with school supplies to send to their remote-learning students. They also added a big “unsubscribe” button. Although, for many, it appears it is all just too little too late.
Maybelline provided funds to which designer currently producing face masks for essential workers in New York City?
Christian Siriano and his team have been working hard to produce masks for essenital workers during the coronavirus crisis. Maybelline has now stepped in to provide financial assistant to Siriano and his team. “Maybelline New York has offered support to the brand’s longtime fashion designer partner, Christian Siriano through a financial contribution to his COVID-19 relief efforts producing face masks for New York’s essential workers helping to fight the crisis,” Maybelline wrote in a statement. “The brand has supported Christian Siriano’s runway show at New York Fashion Week and through our participation on Bravo’s Project Runway. We are continually inspired by Christian and his team’s efforts to keep those working tirelessly safe.”
How much was Anna Wintour's COVID-19 pay cut?
In a memo sent to employees on Monday, Condé Nast CEO Roger Lynch announced salary reductions and furloughs throughout the company. Those earning more than an annual $100,000 will get a 10 to 20 percent pay cut, board members will take a 50 percent cut, and senior management, including Anna Wintour, will take a 20 percent pay cut. There will also be layoffs in the coming weeks and a hiring freeze is now in effect.
How much was Adidas' bailout from the German government?
“Adidas on Tuesday said it received approval for a syndicated €3 billion ($3.3 billion) government-backed loan to mitigate the financial impact on its business from the spread of the coronavirus,” writes Business of Fashion. “One of the conditions of the syndicated loan is that the company suspends dividend payments for the duration of the loan, Adidas said, adding that company’s executive board stopped the repurchasing of Adidas shares and decided to forgo its short and long-term bonus for the year 2020.”
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