Cash-strapped NexCen Brands Inc. said it has received "numerous expressions of interest" in its Bill Blass and Waverly brands.
The firm also said it had inked an agreement with its lender that will provide some additional financial breathing room, at least until July 17.
The deal with BTMU Capital Corp. gives NexCen access to additional cash from its lockbox accounts and limited forbearance from "certain alleged defaults" for about four weeks. The company agreed to give monthly rather than quarterly updates on its operations and cash flow to the lender.
"This agreement is an important step in enabling us to continue to implement our operating plans for both our license and franchise businesses," said Robert W. D'Loren, chief executive officer of NexCen.
The brand management firm has been struggling since it revealed on May 19 that $30 million of the $70 million it borrowed to acquire Great American Cookies must be paid down by Oct. 17 and said there was substantial doubt about its ability to continue as a going concern. The company's shares dropped 77 percent on the news, closing at 58 cents in over-the-counter trading. They ended Friday's session at 43 cents, down 10.4 percent.
In the past month, NexCen has been working to slim its operations. On Friday, the firm said it had reduced its workforce by 10 percent, a move expected to cut cash outlays by about $3.5 million.
NexCen also confirmed Friday that Bill Blass was up for sale, something that has been understood in the market for some time.
"The company has received numerous expressions of interest in both the Bill Blass and Waverly brands from domestic and international strategic and financial buyers," said NexCen.
Designer Licensing Holdings, the jeanswear licensee for Bill Blass and owner of 10 percent of the Bill Blass trademark, has acknowledged interest in acquiring the mark. Others reported to have expressed interest include Tharanco Group, Iconix Brand Group Inc. and Windsong Brands LLC.
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)
@badgalriri’s @fentybeauty launch in September was a massive success on social media, powering $72.9 million of earned media value, according to Tribe Dynamics. The brand’s foundation offering sparked conversations about diversity in beauty, launching the growth of emerging influencers and propelling the brand’s support on social media. Today, #fentybeauty won Launch of the Year at the WWD #BeautyIncAwards. (📷: Chema Moya/EPE-EFE)
@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)