LOS ANGELES, Dec. 28, 2016 /PRNewswire/ -- Nasty Gal, Inc. (the "Company") today announced that it plans to seek permission from the U.S. Bankruptcy Court to launch an auction process for the sale of its business. The Company will seek approval of an agreement to have boohoo.com, one of the United Kingdom's leading online fashion retailers, act as the stalking horse bidder in that process with a bid of $20 million for Nasty Gal's intellectual property assets.
"We believe this path will generate the highest value for the Company and ensure the continued success of the Nasty Gal brand that has served its consumers as a leading style destination over the last decade," said Joe Scirocco, President and Chief Restructuring Officer.
The auction is expected to take place in early February, with bidding procedures to be approved by the United States Bankruptcy Court for the Central District of California on or about January 5, 2017. Peter J. Solomon Company, LLC in New York has served as the Company's investment banker and will manage the auction process.
Nasty Gal will continue normal operations throughout the auction process and sale, which is expected to close by the end of February, 2017.
The Company is represented in its chapter 11 case by Scott Gautier at Robins Kaplan LLP. Information regarding the Company's bankruptcy filing, including access to court documents, can be found at www.omnimgt.com/nastygal and www.cacb.uscourts.gov.
About Nasty Gal
Nasty Gal was founded in 2006 and is based in Los Angeles. Nasty Gal today is recognized as a pioneer in both the curation and design of women's clothing, shoes, and accessories. The Company has a global presence in 180 countries and a social media following of over 3.5 million. For more information, visit the website at www.nastygal.com.
"24/7 Global Fashion"
Keeping one step ahead of the trends or making a subtle style change is easy with boohoo.com and with up to 100 new pieces hitting the site every day and a new collection each week, boohoo.com never stops – it is 24/7 fashion at its best.
From the UK's best kept fashion secret to one of the fastest growing own-brand, international etailers, boohoo.com has quickly evolved into a global fashion leader of its generation. Combining cutting-edge, aspirational design with an affordable price tag, boohoo.com has been pushing boundaries since 2006 to bring its customers all the latest looks for less.
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SOURCE Nasty Gal