The company, known for outfitting rock stars like Iggy Pop, Velvet Revolver and Bruce Springsteen, made the filing with plans to sell to an affiliate of Lion Capital LLC, the majority owner of John Varvatos.
The Council of Fashion Designers of America and Vogue have successfully raised over $4 million in relief funding through A Common Thread, the initiative put together to support the U.S. fashion community during Covid-19.
Animal rights organisation Peta has taken advantage of the downturn in the stock markets. Peta’s U.S. subsidiary has bought shares in around 20 businesses including Kering, Burberry, Ralph Lauren, and Guess.
The two iconic American fashion companies have announced that they are joining many of their industry peers and implementing furloughs of retail associates and corporate salary cuts, among other measures.
Ralph Lauren Corp said on Tuesday it drew down $475 million from an existing credit line and stopped share buybacks, as it looks to beef up cash reserves to cope with the financial blow from the coronavirus pandemic.
Wednesday was another day full of announcements from U.S. retailers looking to do their part to combat the spread of Covid-19 by implementing store closures. J.C. Penney, Skechers and J.Jill were among the latest batch.