Headlines

Lucky Brand Files for Bankruptcy

Thirteen of the retailer’s stores will close

Published

4 years ago

July 7, 2020

VMSD Staff

Lucky Brand (Los Angeles) has filed for Chapter 11 bankruptcy and plans to sell itself for at least $140 million, Retail Dive reports.

Lucky reportedly has a deal in place to sell its intellectual property to Authentic Brands Group (New York), allowing the brand to sell its operating assets to Sparc Group, which is owned by Authentic Brands Group. According to court documents, Lucky Brand is hoping to complete the bankruptcy auction by mid-August.

Lucky Brand will also close 13 locations out of its 200 stores, according to Business Insider.

In a press statement, Matthew A. Kaness, interim CEO and Executive Chairman for Lucky Brand said, “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. We have made many difficult decisions to preserve the company's viability during these unprecedented times."

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