The New York-based fashion group has announced that it has secured $42.3 million in excess availability under its revolving credit facility and reported that it anticipates a decrease of 34% in its third-quarter sales.
Vince second quarter net sales increased 0.2% to $60.8 million, coming in at the low end of its sales expectations. The company also announced limited distribution arrangements with Nordstrom and Neiman Marcus.
Vince expects net sales to be in range of $60 million and $62 million and loss from operations to be between $8.5 million and $9.5 million. The company reported a decline in the first quarter that met expectations.
Buyout firm Sycamore Partners has won the auction for the e-commerce business and intellectual property of bankrupt US apparel retailer The Limited with a bid of $26.8M, people familiar with the matter said on Tuesday.
After months of rumors of an impending bankruptcy, US The Limited stores look to be in their last week of business. The parent company would not comment but some store managers confirmed they would be closing.
The Ohio-based retailer will likely declare bankruptcy and possibly a liquidation as early as this week or next. Analysts cite the chain's dependency on shopping mall traffic as the reason for its downfall.
The Dutch brand will focus on communications in the autumn, introducing a global advertising campaign. Labelled "From Amsterdam, From Everywhere", the campaign will run in print, online and out of home.