A hunting apparel company in Montana sued the streetwear company for allegedly using its copyrighted camo prints.
The Arkansas-based chain reported $5.5 million in profits in the third quarter, after a second quarter with a $40.6 million loss.
Sources said the luxe retailer’s sale to Authentic Brands Group closed Friday morning despite last-minute hopes for a better bid.
With only the Authentic Brands Group bid in hand, the bankrupt retailer is trying to hold the door open to other bids until 10 a.m. Friday.
The financial services company said it acquired a majority stake in a half dozen brands including Catherine Malandrino and Nanette Lepore.
A late entry by the Kith investor would set up a showdown with Authentic Brands Group’s $271 million stalking-horse bid at Thursday’s sale hearing.
The Kith investor is said to have submitted a roughly $260 million bid for the retailer that would keep several of its stores open.
The $271 million agreement with ABG and B. Riley kicks off a process that can shape the retailer’s future in brick-and-mortar.
The luxury retailer told the court late Wednesday that it reached an agreement with Authentic Brands Group and B. Riley.
The brand house is expected to secure its place as the retailer’s stalking-horse bidder.