boohoo.com has agreed to acquire certain intellectual property assets from retailer Nasty Gal Inc for US$20 million.
Nasty Gal filed for Chapter 11 bankruptcy protection in the US on 9 November. Subject to US court approval, to be sought on 5 January, boohoo’s subsidiary, Boohoo F I Limited, will be appointed as the ‘stalking horse’ bidder for the Nasty Gal brand and customer databases, in accordance with section 363 of the United States Bankruptcy Code.
The group will provide a further update on the proposed transaction on or after this date.
The sale of the Nasty Gal assets will be governed by a court approved bidding process lasting at least 30 days. The group’s bid may not result in a transaction if higher or more favourable offers are obtained by Nasty Gal during the auction process.
Story provided by StockMarketWire.com