Marquee will get the retailer’s name, website and more for $50 million. Marquee’s plans for the brand include the closing of brick-and-mortar stores and selling exclusively online, with the possibility of selling in department stores.
“We are pleased that Marquee Brands recognizes the value of our business and has made a competitive bid during our marketing and sale process,” says Lisa Gavales, member, board of directors, and interim chief executive officer, Destination Maternity. “We are working to continue the sale process, including the auction, and look forward to an outcome that will maximize value for our stakeholders. Looking ahead, we remain focused on continuing to serve
With the acquisition, Destination Maternity is set to shut down its remaining 235 retail stores and sell the remaining inventory, fixtures and equipment with liquidators Hilco Merchant Resources and Gordon Brothers.
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