Lucky Brand Files for Chapter 11 Amid COVID-19 Pandemic
Potentially sold to the same owners as Aéropostale and Nautica.
Lucky Brand has filed for bankruptcy amid the COVID-19 pandemic, joining a long list of other companies that have been forced to do the same.
The company’s assets are being purchased by SPARC Group LLC, proprietors of labels like Aéropostale and Nautica. “Substantially all” of Lucky Brand’s assets will be acquired, including intellectual property. Lucky Brand’s CEO Matthew Kaness noted, “the Covid-19 pandemic has severely impacted sales across all channels. While we are optimistic about the reopening of stores and our customers’ return, the business has yet to recover fully.”
The company plans to continue operations through its Chapter 11 process while keeping an eye out for more bidders.
In other news, True Religion has filed for bankruptcy.
