Bloomberg Law
Oct. 13, 2020, 6:58 PM

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

Jeremy Hill
Jeremy Hill
Bloomberg News

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 ...

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