Thursday, 4 June 2020

Nygard fashion brands go up for sale

The fashion empire of Canada’s Peter Nygard is for sale. The intellectual property assets of Nygard International Partnership, including the trademarks associated with Alia, TanJay, and Nygard, were put on the market by Hilco Streambank, a leading intellectual property advisory firm, on Tuesday.

Offers are due on July 7, 2020, and an auction will be held on July 9, 2020. Inventory is equally for sale.

"These brands offer the customer her staples – denim and black pants – as well as an array of styles and fits to serve women in the office, at home and on the weekend,” said Hilco Streambank senior vice president, Richelle Kalnit.

“A buyer of one or more of the brands has an opportunity to continue to build on the company's robust omnichannel offerings and continue to provide the customer the styles on which she has come to rely."

The company, which has annual sales of more than $105 million through its wholesale partners and nearly $110 million through the company's the retail and eCommerce channels, has a strong presence in Canada and the United States. 

Launched in 1969, the company's brands are most well-known for its affordable denim and fashion for women. 

The 78-year-old fashion mogul Peter Nygard was accused of sexual assault earlier this year. A total of 46 women accused Nygard of rape and trafficking in a class-action lawsuit.

The sale is being conducted on behalf of Richter Advisory Group Inc. and is subject to Canadian court approval. The Nygard companies have been in receivership since March 18, under the control of Richter Advisory Group Inc.

The Covid-19 pandemic resulted in the closure of all 165 of Nygard's retail stores in Canada and the U.S., which prevented the receiver from holding liquidation sales. 

The Nygard companies owe nearly $50 million to approximately 350 creditors around the world, including 40 Manitobans, according to a list in the receiver's first report.

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