Gordon Brothers Wins Auction for Urban Brands, Creditor Group Lawyer Says
Urban Brands Inc., the bankrupt purveyor of large-size women’s apparel, is being acquired by Gordon Brothers Group.
In an auction lasting 21 hours, Boston-based Gordon Brothers beat bids from Rainbow USA Inc., Monomoy Capital Partners LLC and Versa Capital Management, lawyer Lawrence Gottlieb said today in a telephone interview. Gottlieb, who represented the retailer’s creditors, couldn’t immediately comment on the price.
Urban Brands, based in Secaucus, New Jersey, operates more than 200 stores under the Ashley Stewart brand and sought bankruptcy protection in September. At the time, GB Merchant Partners LLC, a unit of Gordon Brothers, submitted a so-called stalking horse bid, which establishes a minimum offer.
Gordon Brothers, known for store closings and appraisals, has purchased bankrupt companies including Polaroid Corp. and Linens n’ Things, often partnering with other companies.
The case is In re Urban Brands Inc. 10-13005. U.S. Bankruptcy Court for the District of Delaware (Wilmington).
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