A federal bankruptcy court judge in Newark on Thursday approved the sale of urbanwear retailer Against All Odds USA Inc. to New Deal LLC.
The purchase price for the bankrupt retailer couldn’t be immediately determined. Against All Odds filed for Chapter 11 bankruptcy court protection in January.
According to court papers, the sale will provide unsecured creditors with an estimated 14 percent return, compared with the “estimated minus 0.7 percent to [positive] 3.4 percent they would have gotten through a liquidation.”
Court papers filed by the unsecured-creditors’ committee noted the “success of this case is even more poignant in the current climate, due to the ‘perfect storm’ created by the global financial crisis, the lack of credit, the reduction in consumer spending, the collapse of the residential real estate market, a deteriorating commercial real estate market and the adverse impact on retailers caused by certain [amendments]” to the federal bankruptcy code in 2005.
The Moonachie, N.J.-based firm had sales of $15.5 million in 2000, grew to a $78.7 million chain in 2005 and ended 2007 with sales of $121.1 million, according to court papers. Net income fell in 2007, and the retailer sustained a loss in 2008. At the time of the filing, the chain operated 64 units in eight eastern and two western states.
Against All Odds was founded in 1995 by Kenny Khym.
In its petition, the retailer listed Wicked Fashions Inc. of Fort Lee, N.J., as its top unsecured creditor, owed $3.9 million. Wicked, the manufacturer of Southpole, a hip-hop line, was founded and is headed by chief executive officer David Khym, Kenny’s brother.
At the time of its bankruptcy filing, Against All Odds listed The CIT Group/Commercial Services Inc. as the second largest unsecured credit with claims of $2.1 million.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia