Photo: Matthias Balk/picture alliance via Getty Images
These are the stories making headlines in fashion on Friday.Amazon calls its Saks Global investment “worthless”Amazon owns just over a 23% stake in Saks Global, and is now battling the company in bankruptcy court. Amazon called out its $475 million of preferred equity in Saks Global in filings on Wednesday. “That equity investment is now presumptively worthless after Saks continuously failed to meet its budgets, burned through hundreds of millions of dollars in less than a year and ran up additional hundreds of millions of dollars in unpaid invoices owed to its retail partners,” Amazon said. {Retail Dive}FIT appoints new president
Jason S. SchupbachPhoto: Courtesy of FIT
The Fashion Institute of Technology (FIT) has appointed Jason S. Schupbach as the college’s seventh president. Schupbach succeeds Dr. Joyce F. Brown, whose leadership spanned nearly three decades. Previously, Schupbach was the dean of the Antoinette Westphal College of Media Arts and Design at Drexel University. {Fashionista inbox}Actor Awards to have Met Gala-inspired “fashion theme”The Actor Awards (formerly known as the Screen Actors Guild Awards) will have a “fashion theme” on the red carpet for the first time: “Reimagining Hollywood Glamour From the ’20s and ’30s.” The guidelines are part of the awards show’s new collaboration with Elle. The Actor Awards will stream globally on March 1 on Netflix. {Variety}Ssense lenders push for liquidation over buyoutA group of lenders to Ssense are trying to block a deal that would allow its founders to buy the company out of bankruptcy, arguing that liquidation would let them recover more cash. The group, led by Bank of Montreal, said it seeks to stop a founder-led buyout of the company’s parent, Atallah Group, and instead wants a judge to authorize an orderly liquidation of the retailer’s assets. The lender group is owed about CAD $113 million ($81 million) and would recover tens of millions of dollars more if the company’s assets were liquidated. {Bloomberg}Fashion is done with remote workOver the past year, retailers from Amazon to Gap Inc. have mandated full-time returns to the office. Across fashion, three days in-office has become the baseline, with many companies planning to push further this year. Fashion executives point to concerns of cultural drift, weaker collaboration and uneven productivity when teams aren’t physically together. {Business of Fashion/paywalled}Fashionista’s audience includes 1 million site visitors, 110,000 newsletter subscribers and 4.74 million social media followers. Want to know how to reach them? Learn more.
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