L'Occitane, Inc. Completes U.S. Lease Portfolio Restructuring to Optimize Footprint of Iconic Brand
Offering Customers Extraordinary Beauty Experience Nationwide in 133 Boutiques and Online
Successful Conclusion of Chapter 11 Process, with Planned Emergence at Month-End
Approved Plan of Reorganization Provides for Full Recovery on Allowed Creditor Claims
NEW YORK, Aug. 24, 2021 /PRNewswire/ -- L'Occitane, Inc. ("L'Occitane" or the "Company"), a leading retailer in the U.S. of beauty and well-being products rich in natural and organic ingredients that preserves and celebrates the traditions of Provence, announced that it has successfully completed the restructuring of its U.S. lease portfolio, creating a sustainable store platform for the long term. The optimized footprint includes 133 L'OCCITANE en Provence boutiques, providing the Company with a robust, go-forward brick-and-mortar presence to best serve customers across multiple channels.
The Company today received approval of its Plan of Reorganization from the United States Bankruptcy Court for the District of New Jersey, positioning L'Occitane to emerge at month's end from the Chapter 11 process commenced in January to implement the store footprint optimization. Jointly proposed by the Company and the official committee of its unsecured creditors, the Plan provides for full recovery on the allowed claims of all creditors.
"Today's achievement is an exciting and important step for the continued success of the iconic L'OCCITANE en Provence brand in the U.S.," said Yann Tanini, Managing Director of L'Occitane North America. "With our boutique footprint now right-sized, we are in a strong position to continue delivering the extraordinary L'OCCITANE beauty experience and one-of-a-kind products that our customers know and love. We thank our employees, customers, suppliers, and landlords for their support, collaboration, and trust, enabling us to move through this process efficiently and reach this positive outcome."
Mr. Tanini added, "As we advanced our restructuring process, our team has remained focused on enhancing our offerings for our loyal clients, finding new, innovative ways to connect one-on-one, leverage technology, and further expand the personalized, inclusive service that is a hallmark of our culture. We also have continued our efforts to make beauty more sustainable and eco-conscious, true to our brand's heritage and our long-standing commitment to making a favorable impact in our communities. Altogether, these transformational steps have best prepared our business to thrive for years to come, and we are thrilled about the opportunities ahead."
Additional Information
Additional information about L'Occitane's lease portfolio restructuring, including Court filings, is available at https://cases.stretto.com/LOccitane.
Fox Rothschild LLP is serving as legal counsel, RK Consultants LLC is serving as financial advisor, and Hilco Real Estate, LLC is serving as real estate advisor to the Company.
About L'OCCITANE en Provence
Founded by Olivier Baussan more than 40 years ago, L'OCCITANE captures the true art de vivre of Provence, offering a sensorial immersion in the natural beauty and lifestyle of the South of France. From the texture of L'OCCITANE products to the scent, each skincare, body care, and fragrance formula promises pleasure through beauty and well-being – a moment rich in enjoyment and discovery that goes beyond tangible benefits to create a different experience of Provence. L'OCCITANE products are available at usa.loccitane.com and in boutiques throughout the U.S.
Media Contacts
L'OCCITANE en Provence, North America
Ashley Arbuckle, Vice President of Brand Marketing and Wholesale
[email protected]
Kekst CNC
Sherri L. Toub / Wendi Kopsick
[email protected] / [email protected]
SOURCE L’Occitane, Inc.
Share this article