Lucky Brand Dungarees LLC, the Los Angeles-based designer and retailer of American denim and apparel, announced that it has entered into a stalking horse asset purchase agreement with SPARC Group LLC, a global operator of lifestyle brands including Aéropostale and Nautica, for the sale of substantially all of the company’s operating assets. All Rights Reserved. Los Angeles-based Lucky filed for Chapter 11 protection on Friday in federal bankruptcy court in Delaware. During Chapter 11, Lucky Brand and its advisors will continue to explore potential sale transactions with other parties to achieve the highest or otherwise best offer for the company. Last Name (required) Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits. Lucky Brand has received new financing commitments from certain of its existing lenders that will provide sufficient liquidity to fund the business through the closing of the sale. Mann Publications. 24/7 coverage of breaking news and live events. The company anticipates a sale closing by mid-August. In addition to entering into the asset purchase agreement with SPARC, the company and certain of its affiliates also entered into a “back-up” asset purchase agreement for the sale of the company’s and such affiliates’ intellectual property and certain other assets to ABG-Lucky LLC which will only come into effect if the asset purchase agreement with SPARC terminates under certain circumstances. Lucky Brand also said it has come into a stalking horse asset purchase agreement with Nautica and Aéropostale brand operator SPARC Group LLC for the sale of most of its operating assets. NEW YORK, NY, 10123, European fashion doesn’t always translate to popularity in the United States, but Jurgen van der Sanden, CEO of @4funkyflavours, believes that his team combines just the right amounts of timeless style and funky individuality to gain a stateside following: https://bit.ly/2InNtH4, Happy Veterans Day! Matthew A. Kaness, interim CEO as of September 2019 and executive chairman, said, “The COVID-19 pandemic has severely impacted sales across all channels. Lucky Brand has filed for Chapter 11 bankruptcy protection in the state of Delaware on Friday, blaming its troubles in part on the Coronavirus pandemic, and said it has a deal lined up to sell the company. Renzi said the company has “generally been profitable” over its 30-year history. In a court filing, chief restructuring officer Mark Renzi described a proposal to sell Lucky to buyers led by apparel retail operator SPARC Group … Lucky Brand said the “vast majority” of its online shopping platform, retail locations and wholesale businesses stay open to customers. The Eindhoven, Netherlands-based brand currently employs about 60 people and operates three brick-and-mortar stores in addition to its B2C website.Read More: ... See MoreSee Less, Share on FacebookShare on TwitterShare on Linked InShare by Email, Designing Help for the Helpers: Ethera Provides Wellness for Healthcare Professionals, Mann Publications The report examines the checkout processes of 260 EU and U.S.-based B2B and B2C eCommerce sites from across 12 industries and highlights the key traits that can help merchants enhance their checkout experiences. In connection with the transaction, ABG-Lucky LLC, a newly formed subsidiary of Authentic Brands Group LLC, a brand development, marketing and entertainment company, which owns a global portfolio of entertainment, media and lifestyle brands, will acquire all the intellectual property assets of Lucky Brand. Lucky was created in 1990 and has since gone through several owners, most recently the private equity firm Leonard Green & Partners. American Homes 4 Rent, a leading provider of high-quality single-family homes for rent, announced today that in honor of Veterans Day the company is waiving application fees for military families through the end of 2020. In a court filing, chief restructuring officer Mark Renzi described a proposal to sell Lucky to buyers led by apparel retail operator SPARC Group for $140.1 million in cash and $51.5 million in credit. Website design by, European fashion doesn’t always translate to pop, ✨ The November/December 2020 issue of Fashion Ma, H&M announced a collaboration with fashion brand T, American Eagle Outfitters Inc. announced the AEO R, ✨ We have 7 strategies to kick your bad fashion, Retailers Support Boys & Girls Club During Holiday Season, Neiman Marcus Releases 2020 Christmas Book, Fashiondex, LIM College & Columbia Host Fashion & Climate Action Panel. We have made many difficult decisions to preserve the company’s viability during these unprecedented times. [ctct ctct-765 type:hidden 'Fashion Mannuscript Newswire::#156'], European fashion doesn’t always translate to popularity in the United States, but Jurgen van der Sanden, CEO of 4funkyflavours, believes that his team combines just the right amounts of timeless style and funky individuality to gain a stateside following. @josienatori @NatoriCompany, Copyright © 2020. Lucky Brand operates more than 200 U.S. stores, mostly in shopping malls, and sells items at other chains including Macy’s, Nordstrom and Costco. The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on global eCommerce sites. Renzi said Lucky was undermined by a shift among shoppers away from bricks-and-mortar stores, compounded by temporary store shut-downs due to the virus outbreak this spring. To facilitate the sale and reduce its debt burden caused by recent challenges, including the COVID-19 pandemic, Lucky Brand has initiated proceedings under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware. Lucky brand files for chapter 11 bankruptcy protection. by Stephen Garner Jul 06, 2020. Lucky said the offer would preserve much or all of the company’s current network of stores. Los Angeles-based Lucky filed for Chapter 11 protection on Friday in federal bankruptcy court in Delaware. While we are optimistic about the reopening of stores and our customers’ return, the business has yet to recover fully. The retailer said it has received new financing commitments that will offer enough liquidity to fund it until the sale’s closing, according to an announcement. Lucky Brand will be operating its business in the ordinary course during the Chapter 11 process, and the vast majority of its stores, e-commerce platform and wholesale business remain open to serve customers. WASHINGTON, D.C., USA — Add Lucky Brand to the growing list of retailers filing for bankruptcy because of the coronavirus pandemic. Authentic Brands Group LLC, owner of brands Aéropostale and Nautica, and SPARC Group LLC, an operating group which licences brands from ABG, entered into a stalking … Lucky said that early this year it had about 3,000 employees, most of them part-timers. Read the full issue and interview with designer Josie Natori: https://bit.ly/2IlpAPR : Reality check, Chicago announces new COVID-19 restrictions as Thanksgiving approaches. SPARC operates under the Aeropostale and Nautica brands that that are owned by Authentic Brands Group and mall operator Simon Property Group, one of Lucky’s key landlords, according to the filing. CROSS-BORDER MERCHANT FRICTION INDEX – NOVEMBER 2020, Salesforce Rolls Out Revenue Cloud To Simplify B2B Functions, Deutsche Bank Report Eyes WFH Tax To Boost Economy, ECB’s Lagarde Says Digital Euro Could Launch In 2 To 4 Years, Sally Beauty Holdings Sees 278 Pct In Q3 Digital Growth.

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