RTW Retailwinds, a US omni-channel specialty apparel retail platform for celebrity and consumer brands, recently announced that after a bankruptcy auction last week, it has entered into an asset purchase agreement with Saadia Group, the winning bidder, for the sale of its e-commerce business and all related intellectual property, including its websites.
The cash purchase price was $40 million. The new agreement supersedes the prior stalking horse asset purchase agreement announced on August 4 with Sunrise Brands and is subject to final approval by the bankruptcy court. A hearing is scheduled on September 3, according to a company press release.
“Similar to our previous agreement, the new agreement will allow our substantial e-commerce business to continue to operate and serve our loyal customers,” said RTW chief executive officer Sheamus Toal.
The company filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in a US bankruptcy court in the district of New Jersey on July 13.