Marquee Brands’ bid is to purchase the Company’s ecommerce businesses, intellectual property, leased departments within department stores and baby specialty stores, strategic marketing partnerships and the right to designate certain inventory and related assets for sale by its partners, Gordon Brothers and Hilco Merchant Resources.
If Marquee Brands completes the acquisition, Destination Maternity will shut down its remaining 235 retail stores and sell the remaining inventory, fixtures and equipment with liquidators Hilco Merchant Resources and Gordon Brothers.
In October of 2019, Destination Maternity filed for Chapter 11 bankruptcy protection and announced plans to lay off 642 corporate employees and close 183 store locations. By November, the company was delisted from the U.S. Stock Exchange.
“We are pleased that Marquee Brands recognizes
The $50 million bid is subject to adjustment and represents a baseline bid. It is currently subject to higher offers in an open auction process. Destination Maternity expects the auction, scheduled to take place on December 9, 2019, to be competitive.
License Global has reached out to Marquee Brands for comment and will update this story when a response is received.
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