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China Increased Export Tax Rebates
Page 1

TJX Hacking Ring Charged
Page 1

Boscov's Files Chapter 11
Page 1

CURVENY & Boutique Lingerie Show
Page 2


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  August 15, 2008                                           Issue #223


2/24
                   
                              Intimate Apparel

Sleepwear-Daywear-Foundations-Loungewear-Hosiery-
           Lingerie-Swimwear-Dancewear-Clubwear 
                              Ready-to-Wear
 
                            
        
China Increased Export 
       Tax Rebates
China raised tax rebates on a range of textiles and garments to 13% from 11%, in a bid to boost to exporters struggling with surging costs and slower demand. 
The change, which confirms speculation that has been circulating for some months, was implemented on August 1.
Higher rebates will be given to exports of silk, animal hair yarns and garments, cotton yarns and cotton garments, textile products made from plant and chemical fibers, non-woven cloth, knit products, apparel and other products made of textile materials, said the statement.
Beijing reduced tax rebates for more than 2,800 products last July, in a move designed to shrink the trade surplus and help ease friction with its major trade partners the EU and US. 
But the textile industry has complained that it is being hit by a raft of cost increases this year from raw materials to higher labor costs resulting from a new labor law and the strengthening yuan.
Companies are also burdened with the expense of complying with growing environmental legislation.
At the same time, demand for Chinese textile products is slowing. Exports of textiles and garments fell by 4.2% in June compared with the same period last year, the slowest trade in five years.
However, many exporters fear a higher rebate will have no long-term benefit on the industry. 
The latest move reverses two previous cuts in the export tax rebate - in 2005 and 2006 - when the government tried to slow export growth and narrow its rapidly increasing trade surplus.

               
The model is wearing Tia Lyn Lingerie, Winner of the Best
Plus Size Category at 2008 CILA Awards. The CILA Awards
were held at the Waldorf-Astoria, NYC on August 4, 2008. 
                    See more photos from CILA 
         on the September 1 issue of McPete Sez.



22/24   
TJX Hacking Ring Charged
The US Department of Justice has billed the computer intrusion that hit retailers including TJX Companies last year as "the largest hacking and identity theft case ever prosecuted".
It follows news that 11 people have been charged for allegedly hacking networks of nine major US retailers - TJX Companies, BJ's Wholesale Club, OfficeMax, Boston Market, Barnes & Noble, Sports Authority, Forever 21 and DSW - and the theft and sale of more than 40m credit and debit card numbers.
Fashion chain TJX disclosed last year that at least 45.7m of its customer records were stolen from databases in 2005 and 2006, but said that nearly three-quarters of them couldn't be used by the hackers. 
The intrusions took their toll on TJX's earnings for months to come though, including US$40.9m and $24m settlements with Visa and MasterCard respectively.
A statement by the Department of Justice said the hacking ring was accused of crimes including conspiracy, computer intrusion, fraud and identity theft.
It said that three of the defendants were US citizens, one from Estonia, three from the Ukraine, two from the People's Republic of China and one was from Belarus, while the other individual was only known by an alias 
online, and his place of origin is unknown.
In an indictment returned on August 5, by a federal grand jury in Boston, it is alleged that the accused obtained credit and debit card numbers by hacking into the wireless computer networks the retailers.
The indictment alleges that after data was collected, it was concealed in encrypted computer servers controlled in Eastern Europe and the US. The accused allegedly sold some of the credit and debit card numbers via the Internet.
The stolen numbers were allegedly "cashed out" by encoding card numbers on the magnetic strips of blank cards from which the defendants used to withdraw tens of thousands of dollars at a time from ATMs.
US Attorney Michael J Sullivan said: "While technology has made our lives much easier it has also created new vulnerabilities. This case clearly shows how strokes on a keyboard with a criminal purpose can have costly results. 
"Consumers, companies and governments from around the world must further develop ways to protect our sensitive personal and business information and detect those, whether here or abroad, that conspire to exploit technology for criminal gain."


19/24              Photographed by Lawrence O. Brown
Boscov's Files Chapter 11
US department store chain Boscov's has filed for Chapter 11 bankruptcy protection and says it is to close ten underperforming stores as it tries to reorganize its business.
The regional retailer, which claims to be America's largest family-owned independent department store, filed its voluntary petition in the United States Bankruptcy Court for the District of Delaware.
The chain will continue to operate during the reorganization and has secured $250m debtor-in-possession (DIP) financing from Bank of America.
This, it says, will support healthy merchandise flow as it prepares for the back-to-school and holiday selling seasons. 
The DIP facility will also help the company normalize relations with vendors and provide adequate working capital to meet its ongoing obligations during the restructuring. 
"The decision to file for Chapter 11 protection was driven largely by the impact of the current economic downturn and decline in consumer spending on the company's operating performance," the retailer said in a statement.
"Filing for Chapter 11 provides Boscov's with the tools and time to strengthen its balance sheet, close underperforming stores, revisit certain agreements and position the company for long-term success." 
Boscov's hopes to file a reorganization plan later this autumn.
Ken Lakin, chairman and CEO, said the company's decision to close ten of its 49 stores "will help us realize additional cost savings and operational efficiencies and improve our financial base so that we can better serve all of our constituencies." 
Boscov's joins Mervyn's, Steve & Barry’s, Shoe Pavilion and Goody's who have all filed for bankruptcy in recent months.
All are casualties of the spending slump that has seen consumers cut back on discretionary spending amid rising fuel and food costs.
The stores slated for closure include Glen Burnie, Owing Mills and Baltimore in Maryland; Monroeville, North Wales, Langhorne, Pittsburgh and Harrisburg in Pennsylvania; Danville, Virginia; Monmouth Mall in Eatontown in New Jersey.

 
 
Warnaco's Q2 Profits 
            Up 41%
The Warnaco Group has posted a 41% increase in second quarter profits to US$19.4m, boosted by buoyant sportswear and intimate apparel sales. 
The company's net revenues for the three months to July 5, were up 22% to $503.8m, while operating income increased 73% to $48.9m. 
Adjusted net income nearly doubled to $26.3m. 
Sportswear sales led the charge, rising 29% to $249.4m, and boosted by strong performances from Calvin Klein Jeans and Chaps. 
Warnaco's Intimate Apparel Group revenues rose 24% to $172.7m, with all brands and businesses making a contribution. 
The company pointed to the international development of Calvin Klein Underwear as a key contributor to growth, but also highlighted a 9% revenue increase in the US, despite the retail slowdown. 
Swimwear revenues edged up 2%, thanks to strong European demand boosting Calvin Klein swim sales. 
However, Speedo revenues were down $1.5m. 
"Our second quarter results included broad-based strength with all operating segments and geographies recording increased revenue and profitability," said Joe Gromek, Warnaco president and CEO. 
"Our key expansion initiatives, including international, direct-to-consumer and our Calvin Klein businesses, continued to fuel our growth." 
Gromek added that while the company was mindful of the broader conditions, he believed Warnaco's strategy would bring more positive results. 
The company increased its full-year guidance, expecting revenues to grow by 13-15%, with adjusted diluted EPS in the range of $2.80-2.90.


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