Online fashion retailer closer to acquisition after no alternative acceptable bids were made
Companies: boohoo group Plc
Online clothing retailer Boohoo.com announced on Monday that it is on the verge of acquiring US retailer Nasty Gal's assets after no other acceptable or qualifying bids were made.
The company announced on 28 December 2016 that it was seeking to purchase Nasty Gal's intellectual property assets and customer databases for around $20m.
The transaction has been governed by a US Bankruptcy Court bidding process, and Boohoo has been told by Nasty Gal's counsel that no acceptable bids were received and therefore no auction will now take place.
Final approval for the move is expected on or after Thursday this week, but Boohoo said on Monday that it was expecting to make the acquisition. Boohoo also told investors on Monday that it would be financing the move through cash and a new bank facility of $20m.
