Bankrupt American clothing retail chain Charlotte Russe Holdings, along with its subsidiaries, has completed the sale of its Peek Kids brand and related intellectual property to women and children clothing manufacturer Mamiye Brothers.
Established in 2006, Peek Kids was owned and operated by Charlotte Russe Holdings since 2016. The company offers its products through online platform as well as other retailers.
Mamiye will close the remaining nine stores of the Peek brand in the coming weeks and will continue to operate its e-commerce and wholesale offerings from July this year.
The fashion retailer has also completed the sale of its Charlotte Russe brand and related intellectual property to Canada-based fashion chain YM Inc (Sales).
The Canadian fashion house offers a range of fashion products to kids, teens and adults through various retail brands.
YM CEO Eric Grundy said: “Charlotte Russe is an iconic retailer and we could not be more excited to have them join the YM Group.
“We believe that this acquisition aligns well with our growth strategies and will further strengthen our mission to exceed customer expectations by delivering fast fashion at amazing value.”
Law firms Cooley and Bayard are acting as legal counsel, while Berkeley Research Group is acting as financial advisor and Guggenheim Securities as investment banker to Charlotte Russe on both transactions.
The American clothing retail chain and its subsidiaries voluntarily filed for bankruptcy protection in February this year, under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the District of Delaware.