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Lucky Brand files for bankruptcy as the last retail victim of a coronavirus

 


(Reuters) – Apparel company Lucky Brand Dungarees is filing for Chapter 11 bankruptcy, she said on Friday, becoming the latest retailer to fall victim to the coronavirus pandemic.

The firm said it has entered into an “asset purchase contract for tracking horses” with SPARC Group LLC, which owns brands such as Aeropostale and Nautica, for the sale of “substantially all” of its assets. ‘exploitation.

Such a pact defines a starting bid or a minimum accepted offer as a threshold for other potential buyers if they wish to bid.

Lucky Brand has estimated both assets and liabilities in the range of $ 100 million to $ 500 million, its case has shown to the US Bankruptcy Court of Delaware.

“The COVID-19 pandemic has severely affected sales across all channels,” said the company’s interim chief executive, Matthew Kaness, in the release.

“Although we are optimistic about the reopening of the stores and the return of our customers, the company has not yet fully recovered.”

ABG-Lucky, a new unit of Authentic Brands Group, the brand manager who bought Barneys New York out of bankruptcy, will buy intellectual property from Lucky Brand, the statement added.

The company said it has received new funding commitments from some existing lenders to secure enough cash to finance the business through the closing of the sale.

The statement did not specify the amount of commitments received, adding that the company would carry on its business during the Chapter 11 process.

Lucky Brand, founded in Los Angeles in 1990, joins a growing list of clothing retailers who have been bankrupted by the virus. J Crew Group, JC Penney and Neiman Marcus filed for bankruptcy in May.

Report by Kanishka Singh in Bengaluru; Editing by Clarence Fernandez

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