Nasty Gal Gets Offer From British Retailer
Nasty Gal has received a $20 million bid from British online retailer Boohoo.com for its intellectual property The Los Angeles Times reported. The L.A. retailer filed for bankruptcy protection in November and is planning to hold an auction of its assets in February. At the time of its filing, Nasty Gal estimated both its assets and its liabilities at $10 million to $50 million. The proposed deal will be considered by a U.S. court on January 5.
Total Retail’s Take: This is good news for Nasty Gal. Boohoo.com can now encourage competitive bidding by setting the opening price in an auction. This is also a good move for the Boohoo brand — the retailer will be able to add a well-established, global brand to its portfolio.