British online fashion retailer boohoo.com is a step closer to acquiring the brand and customer database of US fashion retailer Nasty Gal, which filed for chapter 11 bankruptcy protection back in November .
In an update for investors Nasty Gal writes that it entered an asset purchase agreement with boohoo on December 28, which was subsequently approved by the US Bankruptcy Court. Boohoo is bidding $20 million for the Nasty Gal brand name and customer database.
What follows now is a court approved bidding process, with the closing date for additional bids set at February 2. “The Group’s bid may not result in a transaction if higher or more favourable offers are obtained by Nasty Gal during the auction process,” writes Nasty Gal.
