Lord & Taylor, Le Tote Get $3.75 Million Bid for Brands, IP

Zar Apparel Group bid $3.75 million cash plus certain assumed liabilities for intellectual property and e-commerce platforms belonging to Le Tote Inc. and subsidiary Lord & Taylor, court papers show.

• The bid does not include any real estate or lease interests, per court papers
  • The deal allows Le Tote to continue using Lord & Taylor trademarks until the end of February while it liquidates remaining stores
• Zar will serve as the so-called stalking horse for the assets, meaning a higher bid could still emerge
• Status comes with break-up fee equal to 3% of the cash portion of the offer ...