North American Division Global Brands Group (GBG) applied for Chapter 11 and affected both the wholesale business and certain subsidiaries and affiliates.
Voluntary proceedings have begun at the Federal Bankruptcy Court in Southern New York, GBG USA, Kenneth Cole Productions Inc. Listed 1,000 to 5,000 creditors, including top brands such as. Authentic Brands GroupOwn something like Forever 21, Nine West, Eddie Bauer, Juicy couture, more.
In connection with this application, GBG USA has entered into an asset purchase agreement to sell the Aquatalia brand and operate Windsong Global LLC and Hilco Brands as stalker horse bidders, stating that the purchase price is $ 17.3 million. I did.
Next, we are also pursuing the sale of a significant portion of the remaining assets. Erie & Walker, Airband, MagnaReady, Yarrow, B New York, Juniper unltd.
Rick Darling, CEO of Global Brands Group, said:
“Our business is also affected by ongoing structural changes in the retail industry and persistent geopolitical tensions that have disrupted the supply chain. These factors were particularly detrimental to GBGUSA. “
Most recently, the company has already made a move to sell such brands. spider Business in Korea and Fly.
“For the remaining assets of GBGUSA, a court-supervised process to facilitate the sale maximizes the value of all stakeholders and addresses GBGUSA and the Group’s financial position in a fair and transparent manner. GBG USA has attractive brands and products, and a highly talented team, and we believe this process is the best opportunity for GBG USA employees and businesses. increase.”
The Group’s global brand management and European wholesale business are separate legal entities that are not affected.
In addition, many customary allegations have been filed with the court seeking permission to support their work, including the authority to continue paying employees’ wages and maintain customary medical benefits and other remedies in these situations. I submitted it.
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Global Brands Group North America File Chapter 11
Source link Global Brands Group North America File Chapter 11