Lucky Brand Bankruptcy
Lucky Brand Bankruptcy News: Apparel organization Lucky Brand Dungarees is petitioning for Chapter 11 liquidation, it said on Friday, turning into the most recent retailer to succumb to the coronavirus pandemic.
The firm said it had gone into a “following pony resource buy understanding” with SPARC Group LLC, which claims brands, for example, Aeropostale and Nautica, for the offer of “generously all” its working resources.
Lucky Brand estimated both assets and liabilities in the range of $100 million to $500 million, it’s 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 Kane, said in the statement.
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 number of commitments received, adding that the company would operate its business during the Chapter 11 process.