Women's Wear Daily

Catalyst Captures Big Chunk of HBC Shares

Richard Baker’s proposal to take the Hudson’s Bay Co. private has suffered a setback with the disclosure that The Catalyst Capital Group Inc. has just upped its stake in HBC by purchasing 10.05 percent of HBC’s outstanding shares. Catalyst, a Canadian private equity investment firm investing in distressed and undervalued companies, said Monday it purchased 18,491,502 shares of HBC at 10.11 Canadian dollars per share in cash. The total cost was approximately 187 million Canadian dollars. Catalyst said it will complete the purchase of the shares within three business days. Catalyst’s purchase triggered a 9 percent jump in HBC stock to 10.22 Canadian dollars on Monday morning. According to Gabriel de Alba, managing director and partner of the Toronto-based Catalyst, the deal gives participating shareholders “an immediate premium to both the market price of HBC shares and to the Baker group’s proposal.” On June 10, HBC’s governor and executive chairman Richard Baker along with a group of major shareholders representing a combined 57 percent of the voting shares, made a bid to take HBC private. Under the bid, the group would acquire all the minority shareholders’ common shares for 9.45 Canadian dollars for each share, for a total cost of around 1.7 billion Canadian

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Not’s Jenny Lai Creates 3-D Animated Film, ‘VIV’

Not founder and designer Jenny Lai could never be average. It wasn’t an option. The daughter of first-generation immigrants was raised in California, playing classical music — viola and piano — surrounded by singing, dancing, music and theater. She went to a music-focused high school for two years then fell hard for fashion, and switched to an art school, followed by the Rhode Island School of Design. “I continued to love music through college, and a lot of my friends are musicians and dancers,” Lai said. “My studio is right next to the Juilliard School of Music.” It’s no surprise that Lai’s passion for music and dance landed her next to Lincoln Center and Juilliard’s 850 elite undergraduate and graduate students. “I started designing for contemporary classical soloist dancers,” Lai said. “That’s become the other half of my business. I enjoy having the balance of producing the ready-to-wear collections and doing the custom designs.” For Lai, getting dressed always seemed like another kind of performance, a silent one that’s acted out everyday. Like a stage, there can be a rush of adrenaline when stepping into a special garment. Fashion’s ability to adapt and change to the wearer’s needs always intrigued Lai, who launches this

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