on Friday, announcing plans to sell the company to SPARC Group, the owner of retailers including Nautica and Aeropostale.
Lucky Brand currently operates 200 stores in North America, and as part of the bankruptcy proceedings will immediately shutter 13 of those stores. Matthew A. Kaness, Lucky Brand interim CEO and executive chairman, said in a press statement that the filing and closures are in part due to the impact of the coronavirus on performance.
"The COVID-19 pandemic has severely impacted sales across all channels," Kaness said. "While we are optimistic about the reopening of stores and our customers' return, the business has yet to recover fully. We have made many difficult decisions to preserve the company's viability during these unprecedented times."
He continued: "After considering all options, the board has determined that a Chapter 11 filing is the best course of action to optimize the operations and secure the brand's long-term success.
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