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Perfumania Exits Bankruptcy

The company transforms into a privately held company after emerging from bankruptcy

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Perfumania (Sunrise, Fla.) exited Chapter 11 bankruptcy earlier this week and will now be owned and operated as a private company.

The court approved the retailer’s plan to pay off many of its lenders with cash and will release its stockholders for $2 a share, reports Retail Dive. The plan also included backing out of 161 unexpired leases.

NewHoldCo is the name of the newly formed private company, which is backed by Rene Garcia and the Nussdorf family, which founded the retailer in 1980. The family had previously looked at reorganizing the company and had hired an investment bank to do so.

The company originally filed for bankruptcy in August.

Now that it is out of bankruptcy, it plans to invest in its e-commerce business and become more of a digital retailer.

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