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Boscov's Purchased by Family Group
Page 1
US Government to Monitor Chinese Imports
Page 1
Sri Lanka's Garment Industry to Get Smaller
Page 1
International Lingerie Show
Page 2
Intimate Graphics
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GPS Lingerie
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International Lingerie Show
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Londoners Break World Record
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Harold's Store to Close
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November 15, 2008
Issue #229
The McPete Sez
Lingerie Newsletter & Women's Wear Journal
8/24
Intimate Apparel
Sleepwear-Daywear-Foundations-Loungewear-Hosiery-
Lingerie-Swimwear-Dancewear-Clubwear
Ready-to-Wear
Boscov's Purchased by
Family Group
US department store chain Boscov's is to be sold to a family group led by Albert Boscov and Edwin Lakin.
Boscov's, which filed for bankruptcy earlier in the year, says the agreement has the support of the official creditors committee.
Ken Lakin, chairman and CEO, said: "I believe that this agreement maximizes
the value of our business and the return to our creditors. It also provides certainty about the future direction of our company.
"As we move toward the completion of our restructuring process, Boscov's will be
well-capitalized and have the resources to build a stronger and more competitive business."
A statement added that the Boscov/Lakin families will soon be able to conclude a formal financing agreement.
The company hopes to receive Bankruptcy Court approval and to close the transaction prior to the end of November, it said.
A hearing on the sale was scheduled for November 13.
Boscov's originally filed to reorganize under Chapter 11 on August 4, 2008 in the US Bankruptcy Court for the District of Delaware.
4/24
US Government to Monitor
Chinese Imports
Less than a month after an American lawmaker asked the US government to collect data on clothing shipments from China, the International Trade Commission has agreed to monitor some of the country's textile and apparel imports.
The ITC said on October 31, that it will provide statistical reports every two weeks on the volume, value, unit value, and import market share of certain textile and apparel item from China.
The data will cover the 34 customs categories of Chinese textile and apparel products currently under safeguard restrictions - which are set to expire on December 31.
The ITC's response follows a request from House Ways and Means Committee chairman Charles B Rangel (D-NY) earlier in October.
The Committee said it is concerned that a 'market disrupting' surge in imports from China could occur when existing restrictions are lifted at the end of the year.
The first statistical report will be filed by December 1, and will include an historical compilation of the volume, value, unit value, and import market share of the articles being monitored from January 1, 2003 to the most recent month available.
Subsequently, the ITC will provide the Committee with reports every two weeks as the data becomes available. The ITC also will publish an annual data compilation. All reports will be posted on the ITC website.
Chairman Rangel's actions come after 73 US lawmakers, ten textile and fiber
industry trade groups and the labor union Unite Here sent letters to President George W Bush, US Secretary of Commerce Carlos Gutierrez and US Trade Representative Susan Schwab at the end of September urging an extension of a scheme already in place on apparel imports from Vietnam.
Seventeen international textile and apparel organizations who benefit from US trade preferences in NAFTA, CAFTA, and African countries also lent their support to the initiative.
Trade groups representing US retailers and importers say the move and its timing are "not a surprise."
But if it finds the US market is being disrupted or being threatened with disruption, it could well be a precursor to quotas, tariffs, or a combination of both.
And the mere threat of protectionist actions is likely to be enough to deter US importers and retailers from placing any more orders in China.
However, a similar import monitoring program has been in place on Vietnam's textile and clothing imports since it joined the WTO at the beginning of 2007, but has so far failed to show any evidence for initiating an anti-dumping case.
Cynics also point out that chairman Rangel's request is for data that has already been compiled and is readily available to anyone who wants it. The ITC will simply be reporting that data in a new format.
1/24
Photographed by
Lawrence O. Brown
Sri Lanka's Garment Industry
to Get Smaller
Sri Lanka's garment export industry is expected to shrink in size, with factory numbers falling to 200 by the end of 2009.
On industry estimates the garment sector has already shrunk from about 800 factories during the quota era to around 300 factories by now.
The sector is expected to shrink further in 2009 due to industry "consolidation" measures enforce by increasing financial difficulties.
"There is a lot of consolidation happening in the industry and the small and mediums are struggling. So by the end of next year, the number of factories may reduce to around 200," said the head of the
JAAF, Ajith Dias, speaking at the Apparel Asia Conference, organized by the Sri Lanka Apparel Institute and Lanka Exhibitions and Conference Services.
At this point, according to JAAF estimates, about 105 factories account for 87% of total garment exports.
Industry consolidation is expected to see many smaller factories exiting the sector. But it is also expected to strengthen the industry by expanding scale operations of larger factories and by providing support for remaining smaller factories.
"The smaller ones will tie up with larger ones or will be bought over by bigger factories. This will strengthen the industry," added Mr Dias.
Over the first half of 2008 Sri Lankan apparel exports to the US declined by about 11%, while exports to the EU increased by about 12% compared to the first half of 2007.
UK's October Retail Sales
Worst in Three Years
UK retail sales values fell 2.2% on a like-for-like basis during October, compared to the same month last year, according to the British Retail Consortium (BRC).
This compares to last October when like-for-like sales had risen 1.0%.
Total sales were lower than a year ago for the first time since April 2005.
As in previous months, food and drink was the only sector to show sales significantly up on a year ago.
Clothing and footwear remained "poor and often discount-driven, despite colder and much wetter weather than last October", BRC added.
It said that discounts and promotions continued but often "failed to tempt customers unless they perceived value or the purchases filled a need".
Non-food non-store sales in October were 16.6% higher than year ago, but online sales fell on the days after the banking crisis hit, as consumers were anxious about their financial outlook.
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