Neiman Marcus Defaults on Loans, Hearst Adapts to a Future Without Photoshoots

by Charles Manning

Read today’s dose of chic intel right here…

Neiman Marcus One Step Closer to Bankruptcy (Business of Fashion)
“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.”

Neiman Marcus (Shutterstock)

How Hearst Is Adjusting to a World Without High-Production Photoshoots (WWD)
WWD spoke with Hearst Magazines’ head of photo, Alix Campbell, who outlined what the company is doing to keep creating content during the coronavirus crisis. This includes working with photographers who live with a model partner who can pose for them while a Hearst rep watches and gives direction over Zoom and having A-list stars follow makeup and hair tutorials to approximate the desired look for a given shoot.

The 23 Best Sources of Emergency Funding for Small Businesses Available Right Now If You’ve Been Denied a Government Loan (Business Insider)
More than 99 percent of all businesses are small businesses, and natural disasters cause 40 percent of small businesses to fail,” writes Business Insider. “Now that the $349 billion stimulus aid for small businesses has run out, founders will have to turn to other sources for emergency funding.” The resources available to small businesses include various city councils, Mastercard, and Google, which are offering varying types and amounts of aid from advertising credits to zero-interest cash advances to qualified applicants. 

Mission Magazine Launching MissionTV With Designer Francisco Costa
Mission, the philanthropic fashion magazine and digital media brand from fashion editor turned media entrepreneur Karina Givargisoff, is launching a new series of in-depth discussions with trailblazing designers, health experts and the unsung heroes who run the show behind the scenes chat all things personal and professional via Instagram live. Givargisoff’s first guest is former Calvin Klein creative director Francisco Costa. The show will air Friday, April 17 at 4pm EST on @missionmagazine.

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Introducing #MissionTV, a virtual platform whereby trailblazing designers, health experts and the unsung heroes who run the show behind the scenes chat all things personal and professional via Instagram live. Launching the series alongside Mission's founder and Editor in Chief, @KarinaGivargisoff, is seasoned designer @costafrancisco. Who, after learning at the alter of Oscar de la Renta and Tom Ford, became the Women's Creative Director of the Calvin Klein Collection, a post which he retained for 13 years. Francisco now operates his own brand, Costa Brazil. Renounce your pyjamas and get into your black tie finery, to join Karina and Francisco on Friday at 4pm EST on Mission's Instagram. Photograph by @weston.wells

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Meghan and Harry Quietly Deliver Meals to the Sick in LA (Page Six)
The couple has been volunteering with Project Angel Food in Los Angeles, a nonprofit that prepares and delivers medically tailored meals to chronically ill people. A source told Page Six “They’ve actually volunteered a few times. What’s so lovely is that the organization has now seen an uptick in donations, many of which people have been making in honor of [their] baby, Archie’s, first birthday on May 6. This makes Meghan and Harry so happy as it’s something so meaningful for his birthday that they will otherwise have to spend in lockdown.”

Prince Harry and Meghan Markle (Getty Images)

In other royal news, Princess Beatrice has cancelled her wedding to Edoardo Mapelli Mozzi. The couple had been set to wed at St. James’ Palace in London on May 29. “There are no plans to switch venues or hold a bigger wedding. They aren’t even thinking about their wedding at this time,” a spokesperson for the couple told People. “There will come a time to rearrange, but that’s not yet.”

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