Home > News > Frederick’s of Hollywood Files for Chapter 11 • Bookmark   • Newsletters   • Register Search Options

NEWS STORY

Frederick’s of Hollywood Files for Chapter 11

Frederick’s of Hollywood Files for Chapter 11
Get XBIZ News
Apr 21, 2015 10:15 AM PDT    Text size: 

LOS ANGELES — Frederick's of Hollywood Group Inc., which announced last week that it closed all of its brick-and-mortar retail locations, filed for bankruptcy protection on Sunday.

The sexy lingerie retailer will continue online sales throughout the Chapter 11 bankruptcy, which is designed to hand over the operation into new hands.

Authentic Brands Group LLC, which has purchased numerous companies through bankruptcy sales, has made a $22.5 million offer for Frederick's of Hollywood’s assets and intellectual property.

Authentic Brands also would provide its current ownership, Harbinger Group Inc., 25 percent of future brand revenue, according to court filings.

It would continue the company as an ongoing entity as an online retailer. 

If any competing bids are received, Frederick's of Hollywood is planning a May 28 auction, with Authentic Brands as the leading bidder.

The Chapter 11 filing lists total assets of $36.5 million and total liabilities of $106 million. It is carrying $33 million in secured debt load and $16.2 million in unsecured promissory notes. Trade debts and landlord liabilities are $56.7 million.

The largest unsecured claims for trade include creditors Longray Intimates LLC, which is owed $2.36 million; Montelle, $1.3 million; National Corset, $575,000; and Ascension Lingerie & Swimsuit LLC, $412,000.

Last week, Frederick’s of Hollywood, in a message on its website, said that it no longer has store locations.

For the Los Angeles-based company, it’s the second time through bankruptcy. Frederick's of Hollywood declared Chapter 11 in 2000, emerging from bankruptcy in 2003 and later going public in 2006.

Frederick's of Hollywood was once the Victoria's Secret of its time. But that was long ago. Through the years, the company has mixed up its offerings to boost revenue, even by selling sex toys, although even that idea was eventually dumped.

Authentic Brands, the lead bidder for Frederick's of Hollywood’s assets and intellectual property, operates and licenses such brands as Prince, Viking, Ektelon, Airwalk, Adrienne Vittadini, Sansabelt, Juicy Couture and Above the Rim, among many others.

More ways to get XBIZ News:  RSS Feeds  |  E-Newsletters  |  Desktop Widget  |  Mobile
Looking for porn star news and behind-the-scene videos? Check out XFANZ.com !

BUSINESS ANALYSIS

Retailers, Distributors Report Growth in Male Sex Toys Market

Adult retail has been undergoing a transformation in recent years. The adult stores of the 1990s and 2000s focused heavily on porn video sales and catered to a predominantly male clientele, but these days,... More »

VR Hardware: The Foundation of Immersive Technology

From cameras to headsets to controllers, software and more, virtual reality technology is more than the VR content experience itself — it also surrounds the tools that are needed to create and consume... More »

Sexperts Tout Men’s Wellness Benefits of Pleasure Products

Sex, more and more, is being discussed not only from an erotic standpoint, but also, from a health and wellness standpoint. MensHealth.com, MensJournal.com and many other mainstream websites have been... More »
XBIZ NEWSLETTERS
Stay informed of the latest industry developments. Get XBIZ newsletters delivered to your inbox. Subscribe today!
Enter email address:

* To manage existing subscriptions click here.






POPULAR PRODUCTS & SERVICES
Submit your press release to
multiple news outlets with 1 click.
Subscribe to RSS news feeds or
add free content to your website.
Access XBIZ news and articles
with your mobile device.
Access the latest issues of the industry's leading trade publications in digital form. View online or download for offline viewing.

UPCOMING EVENTS

Latin America Adult Business Expo

Jul 10 - Jul 12
Cartagena, Colombia

XBIZ.net Paysite Meetup

Jul 13 - Jul 13
Barcelona, Spain

ANME Founders Show

Jul 16 - Jul 18
Los Angeles Marriott Burbank Airport

QWEBEC Expo

Aug 03 - Aug 06
Montreal, Quebec
Everyday thousands of business professionals browse XBIZ's industry directory for quality products and services. Not listed yet? Your company could be losing potential new business. Submit your company today!
Use XBIZ RSS feeds to stay informed of the latest industry developments or as a content syndication tool for your website!