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Daily News – July 24, 2009

July 24, 2009

The New York Daily News is reporting that Nordstrom will carry a Twilight line of clothing. Both Bloomberg and the Independent report that UK clothing sales are up in June. UK clothing sales are up 1.2% for the month, and 2.9% from this time last year.  Reuters is reporting that American Apparel will reclassify $33.4 million of its long-term debt into short term. The Amazon.com purchase of Zappos.com for $850 million will go under anti-trust review today. As neither company is an overwhelming player in the shoe retailing industry, and as the market is easy to get into, there should not be a problem having the acquisition approved. Conflicting reports from Asia show China and Taiwan clothing exports down an alleged estimated 10% for the first half of 2009. Thai exports may fall another 10% in the second half of the year. Clothing exports are defined as shoes, dress shirts, sport shirts, jackets, sport jackets, tuxedos and formal wear, suits and other garments – they do NOT include accessories such as purses, earrings, etc.

Nordstrom will carry a youth-focuse casual line of clothing focused around the Twilight series

Nordstrom will carry a youth focused casual line of clothing focused around the Twilight series

Bloomberg reports CIT is also taking steps to avoid bankruptcy, or ensure it can keep itself out of court in August. CIT announced today that they will sell their railcar and aircraft leasing units to raise badly needed capital.

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