Report: Apparel company makes a play for bankrupt specialty retailer
A new company is interested in The Limited.
Sunrise Brands LLC has bid for the bankrupt apparel retailer’s e-commerce business and intellectual property, a move that challenges a $26.3 million offer from private equity firm Sycamore Partners, Reuters said.
Sycamore Partners was a “stalking-horse” bidder chosen by The Limited in effort to ward off low offers on its assets. The value of Sunrise Brands’ bid was not revealed, but the bankruptcy court required offers to start at $26.5 million.
The report said The Limited’s bankruptcy auction is scheduled for Feb. 21 in Philadelphia.
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