Lord & Taylor, Le Tote $12 Million Asset Sale to Saadia Approved

Bankrupt Le Tote Inc., parent company of Lord & Taylor LLC, won court approval to sell its intellectual property and e-commerce assets to a New York investment firm for $12 million, after resolving all creditors’ objections to the sale.

Investment firm Saadia Group LLC’s winning bid at the virtual auction Oct. 15 was more than three times the $3.75 million opening bid from Zar Apparel Group, Le Tote’s attorney Jaimie Fedell of Kirkland & Ellis LLP told the court at a hearing Tuesday.

The sale includes intellectual property and distribution platforms for San Francisco-based Le Tote and Lord & Taylor, ...