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Cricket Lucky Tag recordsdata for chapter, has offer to promote company

Cricket

Cricket Blue denims retailer Lucky Tag is filing for chapter security and blaming its troubles partly on the coronavirus, which introduced on the transient closure of its retail outlets this spring

July 4, 2020, 8: 46 PM

2 min read

LOS ANGELES —
Denim retailer Lucky Tag Dungarees has filed for chapter security, blaming its troubles in share on the coronavirus pandemic, and talked about it has a deal lined up to promote the company.

Lucky talked about it plans to end 13 retail outlets and must restful shutter more at some level of the chapter course of.

Los Angeles-based mostly Lucky filed for Chapter 11 security on Friday in federal chapter court docket in Delaware.

In a court docket filing, chief restructuring officer Tag Renzi described a proposal to promote Lucky to investors led by apparel retail operator SPARC Team for $140.1 million in cash and $51.5 million in credit score. Lucky talked about the offer would support significant or all the company’s newest community of retail outlets.

SPARC operates below the Aeropostale and Nautica producers that which might perhaps be owned by Respectable Manufacturers Team and mall operator Simon Property Team, one of Lucky’s key landlords, in step with the filing.

Renzi talked about the company has a backup characterize, and Lucky asked the court docket to approve a characterize course of to gape if there are higher provides. The company anticipates a sale closing by mid-August.

Lucky Tag operates better than 200 U.S. retail outlets, mostly in browsing retailers, and sells objects at completely different chains including Macy’s, Nordstrom and Costco.

Renzi talked about Lucky changed into once undermined by a shift amongst purchasers faraway from bricks-and-mortar retail outlets, compounded by transient store shut-downs due to the the virus outbreak this spring.

The chain changed into once moreover hurt by restricted liquidity, which made it more difficult to receive contemporary stock from distributors. Renzi talked about some key venders began requiring price on delivery or completely different contemporary phrases, including to monetary stress on the company.

Lucky talked about that early this One year it had about 3,000 workers, most of them share-timers. After retail outlets closed down due to the of the COVID-19 pandemic, the company furloughed almost 2,700 of them and has introduced support handiest about 900.

Lucky changed into once created in 1990 and has since passed by several owners, most unbiased these days the non-public equity agency Leonard Green & Companions. Renzi talked about the company has “in most cases been successful” over its 30-One year history.

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