BAND OF BIDS: Band of Outsiders’ intellectual property rights and inventory are to be put up for auction. According to a public notice placed in today’s weekly print issue of WWD and the Wall Street Journal, the brand’s secured creditor, Belgian fashion fund CLCC SA will hold a public auction on July 29 at the offices of its legal representation, Otterbourg P.C.
News that Band of Outsiders had canceled its fall line and laid off staff first broke on May 26. The label has since closed its retail operations at 70 Wooster Street, following a liquidation sale. A source close to the situation told WWD that CLCC SA gained peaceful possession of Band of Outsiders’ assets after the label was unable to make payment on a credit line of more than $2 million. Despite the label’s liquidation efforts, the inventory to be auctioned still includes more than 5,000 units, the source said.
It is understood that Alan Cohen of Abacus Advisors Group — who is overseeing next week’s auction — is taking a wait-and-see approach when it comes to selling the brand’s intellectual property and inventory as a single asset or as separate entities. “They are going to take offers for both assets and individually…depending on a number of factors they’ll look to what’s the highest total,” said the source.
Bidding is scheduled to begin promptly at 10 a.m. at Otterbourg P.C.’s offices on the 30th floor of 230 Park Avenue.