Full Beauty Brands Operations LLC plans to purchase the brand for $40.8M.
Following Ascena Retail Group’s restructuring plans which were announced following filing for voluntary Chapter 11 bankruptcy in July, the retail group has been looking to significantly reduce debt. Whilst a number of Ascena Retail Group’s brands including Ann Taylor, LOFT, Lane Bryant, Justice and Lou & Grey have continued to serve customers, plus-sized clothes retailer Catherine’s closed all of their stores and began looking for a buyer to purchase all Catherine’s Intellectual Property Assets.
Full Beauty Brands Operations LLC has just emerged out of bankruptcy itself last year following a restructuring that put the brand under the control of Oaktree Capital Management and Goldman Sachs’ merchant banking division. Full Beauty Brands Operations have now purchased Catherine’s for $40.8M, more than double the initially offered.
The purchase means that Catherine’s is now out of bankruptcy and that Full Beauty Brands own Catherine’s Intellectual Property Assets and e-commerce business.