Frederick’s of Hollywood Files for Chapter 11

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.

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

BasisDx Adds Expedited Results Option for 'Pro13' Home Testing Kit

PASS-certified home testing kit provider BasisDx has added a new option for expedited test results for its Pro13 kit.

Kalani Luana Stars in Latest From Hookup Hotshot

Kalani Luana stars with Nade Nasty in the latest release from Hookup Hotshot (HUHS).

Lilyadick Makes Her TransAngels Debut

Canadian star Lilyadick has made her debut for TransAngels alongside Parker Savage in the video game-themed scene “Playing With The NPC Babe.”

Kazumi Stars in Latest From Tushy

Kazumi stars with Milan Ponjevic, Jax Slayher and Dan Damage in a new airtight scene from Vixen Media Group (VMG) studio imprint Tushy.

Kiiroo, Pineapple Support Launch 'Empower Hour' Series on FeelHubX YouTube Channel

Kiiroo and Pineapple Support have teamed up to launch the “Empower Hour” series on the FeelHubX YouTube channel.

Cherry Kiss Toplines Pat Myne's 'Anal Fetish Babes'

Cherry Kiss headlines director Pat Myne’s “Anal Fetish Babes,” from Evil Angel.

Nicole Aria Stars in Latest From Jules Jordan

Nicole Aria stars with John Strong and Zac Wild in the latest release from Jules Jordan.

Ellie Nova Is Hustler's 'Cover Honey' for December

Ellie Nova is the Cover Honey for the December issue of Hustler Magazine, appearing in a 14-page centerfold spread shot by ThisYearsModel.com.

Leah Gotti, Hazel Paige Topline 'Lesbian Neighbor Affairs 2'

Leah Gotti and Hazel Paige headline “Lesbian Neighbor Affairs 2,” from Girlfriends Films.

Mandy Muse Stars in Latest From New Sensations

Mandy Muse stars with Danny Mountain in the latest release from New Sensations, titled “Anal Time is Of the Essence For Mandy Muse.”

Show More