"Cardi with a cause" is at the center of a new collaboration between the nonprofit Dress for Success, O Magazine, and women's retailer Talbots, which launched Tuesday.
Five cardigans are part of the capsule collection, but women can also donate professional clothes to Talbots to participate.
CBS's Gayle King, while wearing one of the cardigans, told Cheddar the effort offers a way for women to look good in all work situations.
"It's one of those win-win-win situations," she said. "When you look good, you feel good, you do good, and that's what Dress for Success does."
This is the fifth year that Oprah Winfrey's magazine and Talbots have teamed up to benefit the cause, which aims to help women achieve economic independence.
King said the partnership has continued because of its success and because "we all actually like each other."
O Creative Director Adam Glassman said the partnership has raised over $6 million and helped 150,000 women. During the event, Talbots will donate 30 percent of proceeds to the nonprofit.
"With Dress for Success, they've figured out a way for women to look good in all social work situations and Talbots just adds to that," said King, who is also editor-at-large of O Magazine.
It's important to empower women in the workplace to pay it forward because she said research shows the inclusion of women in the workplace improves companies and helps foster better work environments.
"All the statistics show when women are involved they're more collaborative, they tend to have a really good success rate," she said.
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Student loan collection company Navient agreed to cancel $1.7 billion in debt and paid more than $140 million in other penalties to settle a lawsuit over abusive lending practices. Josh Shapiro, the attorney general of Pennsylvania who led negotiations in the settlement, joined Cheddar to go over the details of the company's predatory lending. "What Navient would do is charge [borrowers] these exorbitantly high rates, even though they knew people couldn't pay them or they would likely default on them," he explained.
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Retail platform operator and delivery company, Foxtrot,
raised $100 million in a Series C round led by D1 Capital Partners. Foxtrot bills itself as the modern convenience store that combines what it calls in-store curated discovery with 30-minute delivery and 5-minute pickup. Since launching first as a digital-only delivery service, the company has since grown into a popular local retailer, opening 16 brick and mortar locations across Chicago, Dallas, and Washington, DC. Foxtrot co-founder and CEO Michael LaVitola joined Cheddar News' Closing Bell to discuss.
