Canadian department store retailer Hudson’s Bay Company said on Friday it has failed to secure sufficient financing to go ahead with a restructuring transaction under the Companies’ Creditors Arrangement Act.
Hudson’s Bay
The Toronto-based company said it has only secured limited debtor-in-possession financing that will require the full liquidation of the entire business, added that a store-by-store liquidation process will begin as soon as next week.
Hudson’s Bay said it hopes that key stakeholders, particularly its landlord partners, would explore with it an alternative restructuring path that could preserve jobs and tenancy in retail locations, and, keep the long-standing retailer operational.
“Our team has worked incredibly hard to identify a viable path forward, and our resolve is strengthened by the overwhelming support from customers and associates who have shared heartfelt stories about Hudson’s Bay and what our stores have meant to them, their families, and their communities across the generations,” said Liz Rodbell, president and chief executive officer of Hudson’s Bay.
“These powerful experiences remind us why we must continue to pursue every possible opportunity to secure the necessary support from key landlords and other stakeholders to save The Bay.”
During the liquidation process, Hudson’s Bay and its licensed Canadian Saks Fifth Avenue and Saks Off 5th stores will remain open in store, and, for a limited time, online.
The closures come less than one week after the department store retailer said it had filed for creditor protection with a Ontario Superior Court of Justice, and revealed plans to restructure and strengthen its business.
An operator of several Forever 21 retail stores, once a go-to destination for affordable and trendy fashion, has filed for bankruptcy following years of declining performance.
Forever21
According to court documents, the company filed for Chapter 11 bankruptcy in Delaware, listing assets between $100 million and $500 million and liabilities ranging from $1 billion to $10 billion.
Bloomberg reported in February that Forever 21 had been exploring various turnaround strategies, including a potential second bankruptcy filing.
This marks the brand’s second bankruptcy, following its first in 2019, which led to intense disputes, minimal creditor recovery, and the closure of hundreds of stores. Today, according to its website, Forever 21 operates more than 540 locations worldwide.
The retailer was acquired out of bankruptcy by a group of buyers, including Simon Property Group, Brookfield Corp. and Authentic Brands, through their joint venture, Sparc Group.
Earlier this year, Sparc merged with JCPenney to form Catalyst Brands. At the time of the merger, Catalyst stated it was assessing strategic options for Forever 21’s operations.
The company’s struggles reflect broader retail challenges, as inflation prompts consumers to cut back on clothing purchases. Forever 21 has also faced increased competition from online shopping, drawing traffic away from malls.
Selfridges has unveiled its spring campaign with a focus on Obsessions — that is “an, object or idea that Selfridges identifies as the most irresistible of the moment”.
It’s launched in London, Manchester, Birmingham and on selfridges.com with the retailer saying it’s actually been “a house of obsessions since 1909… THE place to find something new, a barometer of culture and fashion”.
So this new continuation of that features “a spectrum of Selfridges’s latest obsessions, niche or trending, of the moment or lifelong. Twelve Selfridges Obsessions for SS25 include Chess, Dogs, Hot Sauce and Martinis”.
They can be discovered in its windows, “and through playful product edits, events and experiences in all stores (including a chess club, a film club and a not to be missed opportunity for dog owners to have a portrait taken with their canine obsession)”.
And creatives including @pablo.rochat, @chrismaggio and @jakubgessler have been enlisted as collaborators.
Judd Crane, Selfridges executive director, buying & brand, said of all this: “Obsessions have become a social tender; a means of exchange and connection between likeminded people; the start of a friendship or a community. We had great fun coming up with our Selfridges Obsessions list, and in doing so we’re hoping to bring people together and open a light-hearted conversation around the things we love and why we love them.”
As well as those mentioned above, the retailer’s obsessions for the season include “Silver: the shiny, decorative detail or feature of SS25. Added to cupid bows at Miu Miu by Pat McGrath and one of JW Anderson’s shiny shift dresses”.
Also on the list are Power Flowers, “artistic three-dimensional forms, especially by crochet and appliqué on the season’s sought-after dresses or by casting metal for jewellery and art”.
And there’s High Gloss that “refers to Jil Sander trench coats, slick hair at Dries Van Noten, Gaetano Pesce chairs and the glass-like sheen that collectively defines them”.
Meanwhile, Fashion Comebacks make the grade too, with “notable pieces from past collections in a designer’s archive. Often worn or owned by iconic characters, models, celebrities. [And] styles reissued, often many years after their original fame”.
Then there are Matchsticks, “the stem of several SS25 Bottega Veneta looks. May appear on knitwear, dresses, or as decorative housewares”; and Long Weekends, “a short holiday created by adding a Friday and/or Monday to your weekend. Typically features French wine, tapas and new sunglasses”.
There are lots of in-store happenings connected to all this as well as a fashion film programme in partnership with SHOWStudio that offers film screenings, documentaries and panel talks.
Jonathan Anderson is stepping down from creative control of LVMH’s Spanish brand Loewe after an 11-year run that has been seen as a transformational time for the label.
Courtesy
There’s no confirmation of where he’s going next, although rumours suggest it will be Dior. The praise heaped on him by Loewe owner LVMH and the fact that his signature label is also backed by the French luxury fashion giant suggests that might be true.
Just like the recent Demna appointment that saw him moving from Kering’s Balenciaga to its Gucci brand, it’s clear that luxury giants want to retain the talent that has had a huge impact on smaller labels when vacancies arise at bigger ones.
There’s no official vacancy at Dior’s womenswear ops, but the menswear job is up for grabs after Kim Jones recently stepped down from the helm there.
Neither Anderson nor LVMH have said anything about the speculation.
Instead, the company on Monday talked of the growth it had enjoyed under Anderson and the international recognition it had enjoyed.
In a statement Loewe said: “Jonathan led us to exceptional growth and established the House as a pioneer in presenting a modern vision of luxury fashion and culture, underscored by an enduring commitment to craft.”
CEO Pascale Lepoivre also said he’s “incredibly grateful to Jonathan Anderson for the 11 years of unmatched creativity, passion and dedication that he has given to Loewe. With him as its creative director, the House has risen to new heights with international recognition. The Puzzle bag, celebrating its 10th anniversary, has become a true icon, and the brand codes that he has created, rooted in craft, will live on as his legacy.”
And LVMH’s Sidney Toledano said Anderson is among the best designers out there, contributing more than just his creativity and building “a rich and eclectic world with strong foundations in craft which will enable the house to thrive long after his departure”.
Meanwhile the man himself — who was in December again named Designer of the Year at the Fashion Awards in London — added: “While reflecting on the last 11 years, I have been lucky enough to be surrounded by people with the imagination, the skills, the tenacity and the resourcefulness to find a way to say ‘yes’ to all my wildly ambitious ideas. While my chapter draws to a close, Loewe’s story will continue for many years to come, and I will look on with pride, watching it continue to grow, the amazing Spanish brand I once called Home.”
Loewe didn’t have a runway show at the recent Paris Fashion Week but opted for a dual-gender presentation that saw critics full of praise for what he’d achieved in the past 11 years.
And that achievement wasn’t just creative. While LVMH doesn’t share financial details about its smaller brands, back in October, Loewe had filed its results for 2023 and they showed a 62.5% rise in net profit to €207.3 million. That came as revenue grew by nearly 30%, reaching around €810.8 million, while its sales rose by 27.5% to €789.3 million. Analysts have estimated that sales for the almost-200-year-old label were over €1 billion in 2024.