A bankruptcy judge has approved the sale of substantially all of catalog and internet retailer Signature Styles LLC‘s assets to Artemiss, Reuters reported Monday. Signature Styles, owner of catalog and internet retail sites including Spiegel, filed for Chapter 11 bankruptcy protection in June. Signature Styles was formed in June 2009 by investment firm Patriarch Partners to acquire Spiegel Brands from Dymus Funding Co. Artemiss will reportedly pay $2 million in cash, assume up to $10 million owed in gift cards and will also assume some debt, Reuters wrote. In this summer’s bankruptcy filing, the company listed assets in the $10 million-$50 million range, and debts in the $50 million to $100 million range.
(Reuters) – A bankruptcy judge has approved the sale of substantially all of catalog and internet retailer Signature Styles LLC’s assets to Artemiss LLC, court documents show.
Signature, which owns apparel brands Spiegel, Newport News and Shape Fx and is part of the private equity firm Patriarch Partners, filed for Chapter 11 protection in June in a Delaware bankruptcy court.
Under the sale agreement, which was agreed upon before the filing of the petition, Artemiss will pay $2 million in cash, assume up to $10 million owed in gift cards and will also assume some debt.
Signature’s liabilities of $87.6 million exceed its assets of $48.6 million.
In 2010, the company reported a net loss of $31.1 million on sales of $119.9 million, according to court documents.
The case is In re Signature Styles LLC, U.S. Bankruptcy Court, District of Delaware, No. 11-11733. (Reporting by Tanya Agrawal in Bangalore; Editing by Sayantani Ghosh)