Finally some good news for Rock & Republic!
After filing for bankruptcy back in April, the pricey denim brand has been saved by Bluestar Alliance.
The New York firm is forking over $60 million to R&R that will help pay off their $41 million debt to creditors.
There is one downside to the new agreement.
Douchey CEO Michael Ball will remain in his creative position even though he was the one that drove the company into bankruptcy.
Hopefully Bluestar won't let him screw over his company again.
[Image via Adriana M. Barraza/WENN.]
Tags: bailed out, bankruptcy, bluestar alliance, chapter 11, michael ball, rock and republic
Katy Perry was looking absolutely fab, blue hair and all, at Sunday night's MTV Movie Awards.
The California Gurl wore a dazzling Zuhair Murad dress that showed off her toned legs and booblicious figure.
And what's she wearing on her feet?
Just some Rock & Republic pumps that we featured on our Coco-licious site about 2 months ago.
Overall, we think Miz Perry killed it from head to toe!
[Image via AP Images.]
Tags: california gurls, lotus platform pumps, mtv movie awards, rock and republic, zuhair murad
Maybe if Rock & Republic hawked more of these they wouldn't have had to file for Chapter 11!
The destined to be screwed over company has some seksi pumps, but the best part has got to be the heel. The 5" Lotus Platform Pumps are accented with chains that give it a S&M corset vibe and cost just under $300.
Too bad you can only see it from behind!
Tags: bankruptcy, chapter 11, lotus platform pumps, rock and republic
What a douche!
After filing for Chapter 11, Rock & Republic CEO Michael Ball is refusing to give up his position even though it's in the best interest for the company.
Investors see Michael as being "radioactive" and "too erratic for the taste of a lot of people circling the company".
Ball has already effed up royally after refusing a $15 million refinance offer from rival denim company's Richard Koral of Seven For All Mankind, just days before filing for bankruptcy. According to a source close to the situation:
"Ball wasn't returning [Koral's] phone calls. He kept insisting the company was worth $100 million and that he could pay [Koral] back. Now, they'll be lucky to get $40 million, and the clock is ticking."
Unfortunately for Rock & Republic, 7 Jeans may get the last laugh.
On Wednesday a judge is deciding whether or not to move the bankruptcy case from New York to El Lay. If it does get moved to the West Coast, Richard may have the upper hand on Ball considering Los Angeles' creditor-friendly bankruptcy courts.
[Image via Getty Images.]
Tags: bankruptcy, michael ball, rock and republic, seven for all mankind
It's a sign of the times!
On Thursday, Rock & Republic filed for Chapter 11 bankruptcy to "ease pressures on its balance sheet".
However they aren't closing up shop yet. The denim brand is currently seeking court approval for a debtor-in-possession facility of up to $7.5 million.
R&R has also brought on advisors to get them back on track, including Geoffrey D. Lurie who did wonders for The North Face.
Lurie explains the brands strategy saying:
"The pillars of our restructuring strategy include strengthening the Company's financial capacity, realigning its product focus and enhancing its operational execution. Toward that end, we are exploring financial relationships that can provide the resources to support our near-term capital needs and long-term growth objectives, and we are serious about satisfying outstanding financial obligations. At the same time, we will be sharpening our product focus to emphasize the core apparel and footwear businesses that have been the foundation of Rock & Republic's brand reputation, while seeking alternatives for ancillary product lines."
Here's an idea: stop hawking ridiculously priced jeans! Not everyone can afford those right now!
[Image via Getty Images.]
Tags: banckruptcy, chapter 11, denim, jeans, rock and republic
All that guyliner and makeup has paid off!
Paper Magazine has named Adam Lambert one of 2010's most Beautiful People!
Along with his new title, Adam dishes to the mag on which designers help make him beautiful. Says the Glambert-zon:
"I really enjoy Gareth Pugh. I like the late and great Alexander McQueen. I like Galliano. I love a Dolce & Gabbana suit. For more casual stuff, I like Diesel and Rock & Republic."
He does have good taste, you know except for the occasional mishap.
Do U agree with Paper? Is Adam one of 2010's most beautiful people???
[Image courtesy of Paper Magazine.]
Tags: beautiful people 2010, diesel, gareth pugh, paper magazine, rock and republic