New Chapter 11 Filing – GBG USA, Inc.
On July 29, 2021, GBG USA, Inc., along with several affiliates, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Lead Case No. 21-11369). The ultimate parent company of GBG USA, Inc. is Global Brands Group Holding Limited—a company that designs, develops, and sells branded fashion accessories, footwear, and apparel under owned and licensed brands, including Fiorelli, Sean John, AllSaints, Navigare, Dirk Bikkembergs, Dimensione Danza, Skechers, Lego, Disney, Star Wars, and Mattel. The company estimates $1 to $10 billion in both assets and liabilities. As further detailed in the press release issued today by the board of Global Brands Group Holding Limited, the Debtors expect that the Chapter 11 proceedings will include “an asset sale or a series of asset sales pursuant to section 363 of the United States Bankruptcy Code” of “substantially all of the US Debtors’ assets, businesses and/or inventory.”
Cole Schotz does not represent the Debtors in these cases. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel.
Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.