Home / Knowledge / News / Apparel/Garments / S&K pays off bank debt, now offers casual & weekend wear
S&K pays off bank debt, now offers casual & weekend wear
30
Mar '09
S&K Menswear has announced that it has fully paid off its secured debt this week, achieving a key milestone in the company's Chapter 11 restructuring efforts. The sale of the S&K headquarters building and retail store in Glen Allen, VA was also completed and closed this week. S&K will lease back office, warehouse and retail space from the new owner on favorable terms. Also, S&K has successfully introduced several new contemporary clothing brands to better serve customers who are looking for unique, affordable options for casual and weekend wear.

Joseph A. Oliver III, President and Chief Executive Officer, commented, "We have paid off over $24 million in bank loans since last June & are very pleased to be free of bank debt and Wells Fargo Retail Finance at this critical time. Successfully reorganizing our company and exiting from bankruptcy will depend on our ability to raise new equity or debt financing, or sell the business, in the near term. We are looking for a lender or an investor group who values our extremely loyal customer base and understands the growth potential in this company. All our efforts are dedicated towards securing financing during the coming weeks."

"In addition, we are pleased by the positive response from customers to our new casual, non-tailored clothing and accessories lines. Since last fall, we have introduced contemporary collections of jeans, casual shirts, jackets and suit separates (suits that can be purchased off the rack and do not require tailoring) under popular designer labels at great values. We heard from our customers that they were looking for more unique, affordable clothing ideas that stood apart from the typical department store or big box retailer assortment. These casual designer lines fit our positioning as a specialty retailer for the customer who wants to express his own individual style and still achieve great value on his clothing purchases."

Several new lines that S&K Menswear has introduced include the following:
Michael Brandon - a new collection of denim, shirts, jackets and suit separates that reflect a youthful, fresh twist on classic styles.
Pop-Icon - includes premium denim and shirts that mix 1960's idealism and today's modern edge to create a blend of artistic and innovative styling.
191 Unlimited - clothing that reflects unique, embroidery and screen printing with contrasting fabrics, offering a flattering fit, cutting edge details and unparalleled comfort.
Michael Kors - a recognized leader in producing polished, sleek tailored clothing that conveys a luxury, jet-set lifestyle.
Reaction by Kenneth Cole - a great American brand with an urban, modern edge with tailored fits and neutral color palettes.
Sean John - includes sophisticated fashion-forward dress clothing that reflects a unique urban sensibility and style.

S&K Famous Brands Inc is a specialty menswear retailer operating 105 stores in 23 states; reaching from the East Coast to Kansas and from Maine to Florida.

S&K Menswear

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search