Lucky Brand just filed for bankruptcy and is immediately closing 13 stores — here's the full list

Bethany Biron

Jul 6, 2020, 20:19 IST

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Lucky Brand filed for Chapter 11 bankruptcy protection on Friday, citing poor sales and performance woes stemming from the coronavirus pandemic.
The company plans to sell the business to SPARC Group — the owner of brands like Nautica and Aeropostale — as part of a "stalking horse asset purchase agreement," according to the firm.
Lucky Brand will immediately close 13 of its 200 stores in the process. Here's the full list.

Lucky Brand filed for Chapter 11 bankruptcy protection 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."