Frederick's of Hollywood
Frederick's of Hollywood filed for bankruptcy protection Sunday with a $22.5 million offer in hand from Authentic Brands Group, LLC. The agreement with Authentic Brands means the lingerie chain will continue only as an online business, unless a rival steps forward that agrees to reopen the stores. None appeared in the efforts to find a buyer that preceded the bankruptcy, court papers say. If any competing bids are received, Frederick's is planning a May 28 auction, with Authentic Brands as lead bidder.
Frederick's of Hollywood Group Inc., a Los Angeles lingerie brand that struggled to compete with rival Victoria's Secret, has closed all of its stores and will do business only online. "We no longer have store locations," the retailer said on its website, but added that its online store offered the same selection of merchandise.
Frederick's of Hollywood is going private after years of struggles. The business is now worth about $11 million — a measly amount for what was once a dominant chain, The Wall Street Journal reports. Frederick's used to be a viable competitor for lingerie mega-chain Victoria's Secret. But Victoria's Secret has dominated the marketplace, posting record sales for the past several years. Meanwhile, Frederick's has struggled for more than a decade.
Frederick's of Hollywood announced today that it's retained Allen & Company, a New York-based investment bank, to assist its board of directors in evaluating and exploring a broad range of strategic alternatives, including but not limited to a sale of the company or a business combination.
HOLLYWOOD, Calif., Oct. 3, 2011 /PRNewswire/ -- Frederick's of Hollywood is excited to announce its collaboration with Booty Parlor to bring the seductive line of bath and beauty products to 12 Frederick's retail locations, as well as online at www.Fredericks.com. The lingerie purveyor sees their brand as a natural fit for this fun, flirty confidence-inspiring line. Known as "the beauty parlor for your love life," Booty Parlor carries a wide variety of sexy, sensual bath and beauty products ranging from aphrodisiac lip-plumping glosses and massage candles to luminous body butters, scrubs and pheromone-laced perfume oils. A-list celebrities adore Booty
Frederick's of Hollywood has announced that the company and Linda LoRe have mutually agreed that, effective Sept. 2, LoRe will resign both as president and as a member of the board of directors of the company and its subsidiaries.
Frederick’s of Hollywood Group Inc. (NYSE Amex: FOH) (“Company”) today announced that it has amended its senior revolving credit facility with Wells Fargo Retail Finance II, LLC, as lender, arranger and agent, to provide for a $2.0 million bridge facility at an annual interest rate equal to LIBOR (currently 0.2463%) plus 10%, which is to be repaid upon the earlier of December 7, 2009 and the consummation of an equity capital financing in which the Company receives net proceeds in excess of $4.9 million.
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