Vince shares closed down nearly 30% at 95 cents after news of the going concern warning emerged. Moody's Investors Service had already downgraded the company's corporate family rating and first lien debt a week earlier. The downgrade affected most of the company's $50.7 million in debt, which includes a $45 million senior secured term loan maturing in 2019 and $7.8 million drawn on an $80 million asset backed senior secured revolving credit facility. Vince could become a contestant in the pageant of pain many clothing and other retailers have entered. While Vince is a manufacturer, it makes men's and women's clothing for its own 40 stores and retailers such as Saks Fifth Avenue, Neiman Marcus, Nordstrom and Harrods. Vince CEO Brendan Hoffman was optimistic, saying in a news statement on January quarter earnings that the company plans to move forward with its expansion plans. But when it came down to dollars and cents, the news was not good. Net sales were down 21.9% to $63.9 million for the January quarter. Nearly $53 million in operating losses included $53.1 million in goodwill charges. "Results for the fourth quarter came in below our expectations, due primarily to challenges related to our systems conversion, which led to delayed shipments of spring product and off-price shipments, as well as lower than expected performance in our pre-spring collection," Hoffman said. He also said the company is suspending earnings guidance.
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To their delight, the worms were able to poop out pre-dyed silk in fact, their entire bodies respondedto the colors they were fed. The team investigated dyeing silk this way because coloring fabric normally uses enormous amounts of fresh water , which ends up getting contaminated in the process and then returned to the water supply, says Pop Sci. Though the process of using silkworm-produced dyes is not yet employedon a large scale, some green-minded manufacturers, like Patagonia, are leading the charge.Patagonia said that many of itsnaturaldyes use less water, energy, and carbon dioxide than its competitors do. And then theres the dried beetles; you may want to brace yourself for this one. According to Live Science , extract from thecochineal beetle found mainly in Peru and the Canary Islands is routinely used to dye food (yes, food) red. The insects are sun-dried, crushed, and dunked in an acidic alcohol solution to produce carminic acid, the pigment that eventually becomes carmine or cochineal extract, depending on processing, the publication says. About 70,000 insects are needed to produce a pound of dye. Though it can be an allergen to some, carmine is considered a natural dye and is not considered unhealthy. In addition to these seemingly icky yet socially responsible resources, Patagonia is เสื้อยืดครอบครัว using byproducts of food waste including palmetto and mulberry leaves, pomegranate rinds, citrus peels, and leftover fruit as natural dyes. The food byproducts will be used to manufacture clothing as opposed todecomposing in landfills, where theyd release methane, a severely potent greenhouse gas, says the Organic Consumers Association. Patagonia sees this as just the latest in its push for more environmentally sound practices. In 2016,founder Yvon Chouinard published The Responsible Company , a guide about the hazards of the textile dyeing industry.
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