News Briefs

Kohl's is looking to refinance with a $360 million offering of new senior secured notes.

The struggling department retailer, which is currently looking for a new chief executive after its CEO was fired "for cause" earlier this month, said the notes are expected to be secured by, among other collateral, 11 distribution centers and e-commerce fulfillment facilities, which will be held in a newly-formed holding company.  

Kohl’s said it intends to use the net proceeds from the offering in a series of transactions resulting in the repayment of borrowings under its revolving credit facility. Kohl’s then expects to borrow under its revolving credit facility to repay all of its 4.25% notes due 2025 at maturity.

Fitch Ratings assigned a “BB-plus” rating on the new notes. 

"Kohl’s rating and outlook reflects its ongoing operational challenges,” Fitch said in a commentary on Tuesday. “The company is adjusting its operating strategy, but its ability to stabilize market share, particularly in apparel, is uncertain. The rating recognizes Kohl’s tools in executing its turnaround, including a reasonable asset base and ability to invest $400 million in capital expenditures.”

In a press release on the new offering, Kohl's noted that the offering "is subject to market and other conditions, and there is no assurance that the cffering will be completed or, if completed, the terms on which it will be completed."

Los Angeles Apparel is headed to the Big Apple.

KPG Funds said that the “ethically-driven” apparel brand has signed a lease to open at 480 Broadway, in Manhattan’s SoHo neighborhood. The 24,687-sq.-ft. space, located at the base of KPG Funds’ boutique office property The Crosby, will serve as Los Angeles Apparel’s NYC flagship and first-ever standalone retail store. (The company has one other location, attached to its factory.)

Launched in 2016 as a wholesale business, Los Angeles Apparel is known for its vertically integrated, U.S.-based production model, with all garments designed and manufactured in its South Central Los Angeles factory. The brand was founded by Dov Charney, the founder and former CEO of American Apparel, which declared bankruptcy in late 2016 and subsequently closed its 100-plus retail stores. (Charney was fired by the board in 2014 and is no longer associated with the brand.)

“This lease reflects everything we believe in — supporting mission-driven brands that contribute to the cultural and economic fabric of our cities,” said Greg Kraut, co-Founder and CEO of KPG Funds. “Los Angeles Apparel’s flagship at 480 Broadway is a strong vote of confidence in New York’s retail market and U.S.-based growth.”

A fully repositioned landmark, 480 Broadway has nearly 100,000 sq. ft. of boutique office and retail. The building has hosted major retailers, including Topshop. 

(Photo: Courtesy of KPG Funds)

A legend of rock 'n’ roll will be the first recipient of a new award from live shopping network QVC.

Elton John will be honored with the first-ever QVC Icon Award. In a statement, QVC said the award is being given to “recognize his exceptional impact on the world of home fragrance and his innovative collaboration with (home fragrance brand) Slatkin + Co.”

The QVC Icon Award was established to celebrate individuals who have made “extraordinary contributions to the QVC community through innovation, creativity, and a commitment to excellence that aligns with QVC's core values.”

"Elton John's unique ability to connect with our customers and bring his creative vision to life through our platform has resulted in the kind of success that is as remarkable as he is," said Mara Sirhal, chief merchandising officer, QVC and HSN. 

Elton John was nominated for the award by Slatkin + Co. founder Harry Slatkin. He recently launched his second collection with Slatkin + Co. on QVC.

"This is a fantastic honor," said Elton John. "I usually receive awards for my music; so, this is genuinely a first for me. It was such a pleasure putting this collection together and creating such sensational scents for everyone to enjoy."

In other digital retail activities, to mark Pride Month in June 2024 Elton John partnered with eBay in a charity resale event called "Rocket Man Resale" that benefited the Elton John AIDS Foundation.

[READ MORE: Elton John sells wardrobe on eBay for charity]

Additional retail partnerships Elton John has participated in include the Elton John Eyewear brand exclusively released through Walmart and Sam’s Club in 2022.

(Photo: Adam McCullough)

Whitestone REIT has acquired its fifth neighborhood center in Austin’s most affluent submarket, close by the headquarters of Apple, Tesla, and other tech companies along Loop 360, one of the city’s most highly trafficked motor routes.

The 32,000-sq.-ft., restaurant-anchored San Clemente at Davenport center will join Whitestone’s Davenport Village development in serving residents in Davenport Beach, Westlake, Rob Roy, and Barton Creek, where household incomes average $280,000.

“This center has all of the dynamics we look for, including strong surrounding schools, a community with a robust job market and upwardly mobile families,” said Christine Mastandrea. Whitestone’s president and COO.

The center tenant mix includes Fresa’s, a local Mexican favorite with a welcoming atmosphere and outdoor patio that anchors the property, Iron Fitness, a state-of-the-art training and fitness facility, and Greenlake Energy, an emerging energy technology company.

The Houston-based Whitestone owns, operates, and develops more than 40 neighborhood centers in fast-growing markets such as Phoenix, Dallas-Fort Worth, Houston, and San Antonio.

Vince Holding Corp. has been warned. 

The luxury apparel retailer is facing a potential delisting from the New York Stock Exchange. On May 6, the NYSE sent a notice to the company that it did not meet continued listing standards, which require the company’s 30-trading day average market capitalization to be at least $50 million and its stockholders’ equity to be at least $50 million.

As of May 5, Vince’s 30-trading day average market capitalization was approximately $22.6 million, and its last reported stockholders’ equity, as of Feb. 1, 2025, was approximately $41.8 million. Vince has 45 days (from receipt of the notice) to submit to NYSE a business plan that demonstrates compliance with the standards. If the company fails to meet the listing standards, its shares could be delisted from the NYSE. 

Vince operates through 44 full-price retail stores, 14 outlet stores, an e-commerce site and through premium wholesale channels globally. Earlier this year, P180 bought majority control of the brand from Sun Capital. 

[READ MORE: Vince acquired; former CEO to return]

[READ MORE: Guitar Center shifts enterprise systems to the cloud]

Founded in 1959 and based in Westlake Village, Calif., Guitar Center operates more than 300 stores across the U.S.