It's China or bust for Frederick's of Hollywood.
It's China or bust for Frederick's of Hollywood.
The cash-strapped lingerie chain -- scrambling to prop up sagging demand for its skimpy thongs, fishnets and teddies -- has hired Singapore-based investment bank Auriga Investment to scout for a buyer in the Far East, The Post has learned.
The pitch is that Frederick's, whose late founder Frederick Mellinger pioneered push-up bras and black panties in the 1950s, can be a potential powerhouse in China, the Middle East and other international markets, said a source briefed on the situation.
That's despite the fact that New York-based Frederick's has been steadily squeezed out of the US lingerie market since the 1990s by Victoria's Secret -- a division of Limited Brands that has cultivated a more tasteful and sophisticated image, hiring top supermodels to stage high-budget runway shows on TV.
Reached yesterday, Frederick's executives declined to comment on the hiring of the investment bank or any plans to sell the company.
CEO Thomas Lynch said, however, that Frederick's is poised to pump up skimpy sales and profits with improved lingerie designs and new products. "We're expanding in bath and beauty this holiday season," Lynch told The Post. "The restructuring has taken place and the turnaround begins now."
Last week, Frederick's disclosed it won a one-year extension to comply with covenants on a $7 million loan from Hilco Trading, despite the company's ugly balance sheet and continued losses.
"We have full confidence in the company," Richard Kaye, executive vice president at Hilco Trading, said in an interview yesterday. When asked what would happen if Frederick’s failed to meet its covenants one year from now, he said, "We are not going to speculate on what may or may not be the case one year from now."
Still, some sources speculated that Hilco, whose brand-licensing division includes investments in Polaroid, Sharper Image and Halston, will eventually have its way with Frederick's.
That's partly because it will be difficult to find an Asia-based buyer for Frederick's, which operates 124 stores in the US, said Richard Kestenbaum of Triangle Capital, a New York investment bank.
"In our experience, Chinese buyers are very interested in bringing good American brands to China through a joint partnership or a licensing deal," Kestenbaum said. "They're a lot less interested in owning assets in the US, a country they don't understand -- especially when the company is not making money.
Federicks Of Hollywood - News
Debt-laden Frederick's of Hollywood, the lingerie chain whose flagship store opened on Hollywood Boulevard in 1947, is looking to the Far East in a desperate attempt to find a buyer. Reached yesterday, Frederick's executives declined to comment on the
With more than 100 stores in the US, Frederick's of Hollywood has a wide distribution network for its lines of women's intimate apparel and related products in the United States. The company also has a web site which targets women between the ages of
Sunday that 55-year-old James Michael Dayton of Mechanicsville was killed Friday when the glider he was riding in crashed into trees near the airport in Hollywood. Authorities say the pilot was 53-year-old Nicholas John Mirales of Prince Frederick.
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Lingerie company Frederick's of Hollywood is set to open the first of its stores outside the US this month in Abu Dhabi. The 3500 square foot flagship store at Mushrif Mall in Abu Dhabi will feature lingerie, swimwear and celebrity-designed corsets as
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Federicks Of Hollywood - Bookshelf
Fredericks of Hollywood, 1947-1973, 26 years of mail order seduction
The Story of Hollywood, An Illustrated History
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Frederick's of Hollywood
Offers sexy, fun, and playful intimate apparel for women of all sizes. Also sells wigs, shoes, ready-to-wear, and items for men.
sexy lingerie from teddies to garters
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Frederick's of Hollywood - Wikipedia, the free encyclopedia
Frederick's of Hollywood (AMEX: FOH) is a well-known retailer of lingerie in the United ... Frederick's of Hollywood store on Hollywood Blvd. The business was ...