Tue 09/21/2021 12:44 PM
Relevant Document:
Agenda
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At an uncontested hearing today, Sept. 21, Judge Michael E. Wiles approved the sale of the GBG USA debtors’ Aquatalia brand to Saadia Group for a purchase price of $22.8 million in cash after Saadia Group outbid stalking horse bidder WH AQ Holdings LLC at auction.
Counsel for the debtors disclosed that Saadia and WH AQ were the only two bidders to submit qualified bids in advance of the auction. The debtors also said that they hoped to hold an auction for the debtors’ other assets related to the Ely & Walker and Sean John brands on Monday, Sept. 27.
In 2020, Saadia Group purchased the
Lord & Taylor and Le Tote assets, as well as
RTW Retailwinds’ e-commerce business and all related intellectual property and its rental subscription business.
At today’s hearing, Judge Wiles also approved the debtors’
motion to reject their headquarters lease for five floors of the Empire State Building. The debtors had said that they would save more than $1.1 million monthly for rent and associated costs as a result of the rejection.
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