Lucky Brand Files for Bankruptcy After Pandemic Forces Closures
- Leonard Green-owned apparel company plans sale of business
- Company will continue to operate under court protection
A closed Lucky Brand Jeans store is seen inside a nearly-empty shopping mall in San Diego, California, U.S., on May 5.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
Lucky Brand Dungarees LLC and affiliates, known for jeans and other apparel, filed for bankruptcy in Delaware after the coronavirus pandemic scuttled restructuring efforts.
The closely-held company has entered into an asset purchase agreement with SPARC Group LLC, which operates brands including Aéropostale and Nautica, for the sale of “substantially all” of its operating assets, according to a company statement. ABG-Lucky LLC, a newly-formed unit of Authentic Brands Group LLC, a brand manager that bought Barneys New York Inc. out of bankruptcy, will acquire Lucky Brand’s intellectual property.