Ex-SPAC Nogin Goes Bankrupt, Plans Sale to B. Riley Unit

Nogin Inc., provider of e-commerce services for the likes of Kenneth Cole, bebe, Scotch & Soda and other retail brands, filed bankruptcy with a plan to sell the business to a subsidiary of B. Riley Financial Inc.

Nogin, which went public via merger with a blank-check company just last year, filed Chapter 11 late Tuesday in Delaware. It plans to implement a restructuring deal that would see B. Riley’s investment unit provide $24.7 million of new financing and ultimately take over the company, court papers show.

Tustin, California-based Nogin blamed its bankruptcy primarily on deals with some ...