Just as one new line of clothing is coming out of Los Angeles, another Southern California-based clothing line has filed for Chapter 11 bankruptcy.
Sony Teams with Rapper Nas
Sony Pictures has reportedly partnered with hip-hop star Nas in an effort to develop a fashion line that is based on the upcoming “Ghostbusters” movie. Dubbed the “Nas x Ghostbusters” collection, the new line will launch this spring. Included in the line will be six upscale brands, including streetwear featuring Nas’s personal clothing line known as HSTRY. The line will also include caps from New Era, footwear by FILA, eyewear from Italia Independent, headphones from Monster and bikes from Tokyobike. Clothing items will include joggers, outerwear and graphic tees.
The new Nas x Ghostbusters line will be unveiled exclusively online at Hypebeast.com. The launch will include a behind-the-scenes video and a lookbook showing Nas modeling the clothes on location at the Culver City studio. A launch event will take place at the flagship Ron Herman Melrose store on May 14, with Nas hosting the event. A launch event will also take place at the Parisian luxury store Colette on May 17th. This event will also be hosted by Nas, with the collection ultimately offered online at www.colette.fr.
Reportedly a major fan of the “Ghostbusters” movies, Nas has interpreted the movies and characters to develop his fashion-forward products. A reboot of the 1984 Ivan Reitman film starring Bill Murray and Dan Aykroyd, the new film is slated to be released on July 15.
Just as Sony launches a new clothing line, beachwear retailer PacSun has filed for Chapter 11 bankruptcy protection. This new motion comes after the company reported a fourth-quarter loss of $10 million. As part of the process, the company has entered into a restructuring plan with lender Golden Gate Capital. The plan will allow the clothing retailer to continue operating its business without interruption to its vendors, customers, partners and employees as it works through the Chapter 11 restructuring process.
Already, PacSun has received approval to convert more than 65 percent of its term loan debt into the equity of the reorganized company. This will provide the company with at least $20 million in capital that can go toward the reorganization process. The company has also received a commitment for a flexible draw of $100 million in debtor-to-possession financing from Wells Fargo Bank. This will provide the company with the capital it needs to manage seasonal changes in cash flow. Wells Fargo has reportedly committed to providing the company with a five-year $100 million revolving line of credit that will be put in place after PacSun comes out of Chapter 11 bankruptcy.
PacSun currently operates 593 stores in all 4 states and Puerto Rico. The company plans to keep all of its stores open and on normal schedules throughout the process.
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