×
6 129
Fashion Jobs
ABERCROMBIE AND FITCH CO.
Asset Protection Investigator (Loss Prevention)
Permanent · London
ABERCROMBIE AND FITCH CO.
Asset Protection Agent (Loss Prevention)
Permanent · London
BURBERRY
IT Project Manager
Permanent · LONDON
NEXT
Delivery Coordinator - Bolton Market Place
Permanent · BOLTON
NEXT
Delivery Coordinator - Bolton Trinity Retail Park
Permanent · BOLTON
EVERLAST GYMS
Assistant General Manager - Everlast Gyms
Permanent · GRAYS
FARFETCH
Product Marketing Manager
Permanent · LONDON
ON RUNNING
Key Account Manager Benelux (Dutch & English Speaking)
Permanent · LONDON
PRIMARK
Product Owner, Integrations Services
Permanent · READING
SUPERDRY
Senior Legal Counsel - ip
Permanent · CHELTENHAM
PRIMARK
Stockroom Retail Assistant
Permanent · WOKING
TK MAXX
Full Time Permanent Loss Prevention Advisor tk Maxx Newry
Permanent · Newry
PRIMARK
Stockroom Retail Assistant
Permanent · WAKEFIELD
FRASERS GROUP FINANCIAL SERVICES
Credit Risk Manager - Fraud
Permanent · CLAYTON-LE-MOORS
SPORTS DIRECT FITNESS
General Manager - Everlast Gyms
Permanent · BRISTOL
NEWELL
Performance Marketing Manager - Ecommerce
Permanent · LONDON
NEWELL
Digital Shelf & Experience Specialist - Ecommerce
Permanent · LONDON
NEWELL
Demand Planner
Permanent · BRISTOL
PRIMARK
Stockroom Retail Assistant
Permanent · WATFORD
SUPERDRY
Ecommerce Content Producer
Permanent · CHELTENHAM
TK MAXX
10933-Loss Prevention/Securityofficer
Permanent · Nottingham
TJX EUROPE
IT Engineering Manager
Permanent · Watford
Ads
By
Reuters API
Published
Jul 5, 2020
Reading time
2 minutes
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Lucky Brand files for bankruptcy as latest retail casualty of coronavirus

By
Reuters API
Published
Jul 5, 2020

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


ABG-Lucky, a newly-formed unit of Authentic Brands Group, the brand manager which bought Barneys New York out of bankruptcy, will buy the intellectual property of Lucky Brand, the statement added - Lucky Brand


The firm said it had entered into a "stalking horse asset purchase agreement" with SPARC Group LLC, which owns brands such as Aeropostale and Nautica, for the sale of "substantially all" its operating assets.

Such a pact sets a starting bid or minimally accepted offer as a threshold for other potential buyers if they want to bid.

Lucky Brand estimated both assets and liabilities in the range of $100 million to $500 million, its filing in the U.S. Bankruptcy Court of Delaware showed.

"The Covid-19 pandemic has severely impacted sales across all channels," the firm's interim chief executive, Matthew Kaness, said in the statement.

"While we are optimistic about the reopening of stores and our customers' return, the business has yet to recover fully."

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

The company said it had received new financing commitments from some existing lenders to ensure enough liquidity to fund the business through the closing of the sale.

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

Lucky Brand, founded in Los Angeles in 1990, joins a growing roster of apparel retailers pushed towards bankruptcy by the virus. J Crew Group, JC Penney and Neiman Marcus each filed for bankruptcy in May.

© Thomson Reuters 2023 All rights reserved.