Uniqlo, New York City
Uniqlo has transformed the second floor of it Fifth Avenue flagship to celebrate the launch of the retailer’s SPRZ NY collection, done in collaboration with the Museum of Modern Art. The renovated floor includes the addition of a full-service Starbucks, a first for Uniqlo.
The first lineup of the SPRZ NY product line is comprised of about 200 items inspired by such world-renowned artists as Andy Warhol, Jean-Michel Basquiat, Keith Haring, and Jackson Pollock. The floor has been designed with art in mind, and features special corners for each artist and framed, museum gallery-like displays of T-shirts and other items.
Sears completes Lands’ End spinoff
Hoffman Estates, Ill. — Sears Holdings Corporation completed its spin-off of Lands’ End Inc. on April 4. The specialty apparel company has now been separated from Sears Holdings and its common stock is expected to begin regular-way trading on the Nasdaq Capital Market under the symbol "LE" on April 7.
In the spin-off, Sears Holdings distributed a total of approximately 32 million shares of Lands’ End common stock to the holders of Sears Holdings common stock as of March 24, 2014, the record date. In addition, as part of the spin-off, Lands’ End entered into an asset-based senior secured revolving credit facility, which provides for maximum borrowings of approximately $175 million with a letter of credit sub-limit, and a senior secured term loan facility of approximately $515 million.
The proceeds of the term loan facility were used to pay the $500 million dividend to the Sears Holdings subsidiary and to pay fees and expenses of approximately $10 million, with the remaining proceeds to be used by Lands’ End for general corporate purposes.
Leading India political party will ban foreign supermarket investment
Mumbai, India – Leading Indian political party Bharatiya Janata Party (BJP) said in its official election manifesto that it will ban all foreign direct investment into the Indian supermarket sector if it wins a majority stake in the upcoming parliamentary election. BJP is widely expected to take majority control of parliament and the prime minister seat in India’s May 2014 elections.
However, BJP will most likely need to form a coalition government, which could require the party to soften or change its stance against foreign direct investment in domestic supermarkets, which is supported by small local grocery retailers. BJP has said it will allow foreign direct investment in other business sectors. Media reports indicate Wal-Mart temporarily halted its India expansion plans in February 2014, presumably to see how the parliamentary elections turn out.