Early last week, fashion retailer Ascena had announced that it had entered into an asset purchase agreement with Premier Brands Justice LLC.
Reportedly, the latter had bid US $ 35 million to acquire Justice brand.
Also Read: Ascena to sell its Justice brand!
Now Bluestar Alliance, which owns women’s fashion retailer Bebe along with Hurley, Brookstone and others, is the new stalking horse bidder for Justice brand.
Bluestar has bid US $ 60 million, which also includes US $ 44 million in cash. This was confirmed in a statement released to the media.
There could be more bids on 2 November 2020, which will be followed by an auction process on 5 November 2020 at US Bankruptcy Court for the Eastern District of Virginia.
Notably, the retailer also filed for more store closures with the US Court on Wednesday (20 October) including closure of 85 stores of Justice.
While Ascena has been shutting down lots of Justice stores as a part of its bankruptcy reorganisation process, Bluestar has said that it will open more of its stores if they run the brand.
More on the bid offered, Joey Gabbay, CEO, Bluestar, said that the company had offered a bid which presents a strong existing connection that consumers have with the Justice brand and its future potential.
Founded in 2006, Bluestar has more than 100 stores across the world including North America, Europe, Australia, India and Russia.
