![]() ![]() Lucky Brand has obtained $15.6 million in debtor-in-possession financing, according to bankruptcy filings. “Lucky Brand has received new financing commitments from certain of its existing lenders that will provide sufficient liquidity to fund the business through the closing of the sale,” the company said. Will immediately shutter 13 of its 210 locations, with additional The manufacturer and retailer of vintage-inspired casualĪpparel plans to continue operating the majority of its stores, along with itsĮ-Commerce site and wholesale business, during bankruptcy. Highest or otherwise best offer for the company” during Chapter 11. To explore potential sale transactions with other parties to achieve the These initial agreements, the company said it would, with its advisors, “continue Related to the e-Commerce and wholesale businesses at an additional cost. Valued at $90 million and includes the option to purchase inventory Were to occur, a newly formed company called ABG-Lucky LLC would acquire the Luckyīrand intellectual property (IP) and “certain other assets.” The IP deal is Lucky Brand also has negotiated a backup plan, a secondaryĪsset purchase agreement, “which will only come into effect if the asset purchaseĪgreement with SPARC terminates under certain circumstances.” If that situation ![]() The mall operator joined with Authentic Brands and mall owner Brookfield Property Partners to purchase Forever 21 out of bankruptcy in February 2020. Lucky Brand owes Simon Property Group $4.6 million in rent, according to court documents. The proposed sale was revealed in the July 3 Lucky Brand Dungarees LLC announcement of its voluntary Chapter 11 bankruptcy protection filing. The all-assets bid includes $140.1 million in cash, $51.5 million in credit from vendors and a trade receivables adjustment. She previously covered commercial real estate and professional services.Lucky Brand has negotiated a two-pronged primary asset purchase agreement, also known as a “stalking horse” bid, to sell its operating assets to SPARC Group LLC (SPARC), a jointly owned entity of Authentic Brands Group (ABG) and mall owner Simon Property Group, and Lucky Brand’s intellectual property assets to ABG-Lucky LLC, a newly formed subsidiary of Authentic Brands. Nicole Norfleet covers the fast-paced retail scene including industry giants Target and Best Buy. ![]() The mall has appeared to rebound with foot traffic last year higher than in 2021. In June 2020, the mall had a total occupancy of 67%. Even with its iconic status, Southdale, like most malls, suffered during the pandemic. "Our vision for Southdale is in line with high-profile Simon properties across the country, including Phipps Plaza in Atlanta, The Shops at Crystals in Las Vegas and Stanford Shopping Center in Palo Alto, Calif., a blending of highly sought-after retail brands with a curated mix of dining and entertainment that will enhance the center's positioning as the market's preeminent experiential shopping destination," Murphy said. Tech-infused mini golf outlet Puttshack is scheduled to open next spring on the second floor of the former Herberger's above the Kowalski's and will include a third-level rooftop. The remodel follows plans announced earlier this year to move a Kowalski's Markets grocery store into the former Herberger's department space, which should open next year. The owners declined to provide specific renovation details, but renderings show new lighting and greenery along with the exterior's new look. Renderings show Southdale Center’s renovation will include updates to its outer facade. Some, like Peoples Organic cafe, moved to other locations in the mall. Chang's, Buffalo Wild Wings and other stores have recently closed or vacated. makes it a unique gem within our portfolio and a prioritized target for creating an elevated offering," said Jonathan Murphy, co-president of Simon Property Group's mall platform, in a statement. This is just the latest evolution for the popular suburban shopping center that started a revamp in 2019, when Life Time opened a large, multi-level complex including a fitness club, co-working office and soccer field where JCPenney once stood. The Edina retail locale will also have an upscale interior renovation that will help make way for more than 20 new "luxury and aspirational brands" - per owner Simon Property Group - in the next two years. Chang's, among other markers of shuttered restaurants. Starting late this year, the mall owners will work to redo the facade of the southeast portion of the mall, which currently sports the giant horse statues of the now-closed P.F. Southdale Center, the country's first enclosed shopping mall, will soon have a much-needed redesign. Edina's Southdale Center will renovate its cluster of closed restaurants later this year ![]()
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