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DSI Assignments to Conduct Auction Sale of Intellectual Property and other Assets for Bandier Holdings, LLC

Wednesday, 29 November 2023 05:35 PM

Bandier/DSI Assignments

CHICAGO, IL and NEW YORK, NY / ACCESSWIRE / November 29, 2023 / On November 22, 2023 (the "Assignment Date"), Bandier ABC, a Delaware Series Limited Liability Company (the "Assignee") accepted the General Assignment for the Benefit of Creditors of Bandier Holdings LLC ("Bandier" or "Assignor").

By way of background, Bandier operates five branded retail stores throughout the United States and an Ecommerce platform. Originally starting in 2014 as a brick-and-mortar store in Southampton, New York, Bandier quickly expanded to drive women's activewear sales across the US. Bandier offered a curated assortment of fashion-forward activewear brands to bring excitement, discovery, and energy to the activewear space. Bandier's offerings spanned apparel, footwear, and accessories.

The Assignee is seeking a buyer for substantially all of the Assignor's assets (the "Assets") relating to Bandier's platform, including but not limited to all of Bandier's right, title and interest in equity in subsidiaries used to operate Bandier's business, all inventory, all intellectual property (trademarks, copyrights, patents, internet properties, brand collateral, and customer and vendor data) and all accounts receivable as of the closing date of a purchase of Assets, and the assumption of certain commercial real estate leases that support Bandier's operations. The Assignee is conducting an expedited sale process to identify the highest and best bid available for the Assets. The Assets will be transferred to a successful bidder ("Successful Bidder") on an "AS IS, WHERE IS" basis, with no representations or warranties provided by the Assignee, as to, among other things, ownership, title, merchantability, fitness, or use.

All interested parties wishing to make competitive offers for the Assets must submit a bid to the Assignee by no later than 5:00 pm (prevailing Eastern time) on December 18, 2023 (the "Bid Deadline"). The Assignee will only consider qualified bids (each a "Qualified Bid"). To be a Qualified Bid, a bid must contain the following: (i) identification of Assets proposed to be purchased, (ii) specification of the consideration to be paid for Assets proposed to be purchased, (iii) identification of liabilities the bidder (each a "Bidder") proposes to assume, (iv) disclosure of the identity of the Bidder and, if the Bidder is specially formed in connection with a bid, the equity holders of the Bidder, (v) information confirming that the bidder has the financial capacity to consummate a transaction if selected as the successful bidder, (vi) ability to expeditiously consummate the transaction if selected as the Successful Bidder, (vii) a signed Mutual Confidentiality and Non-Disclosure Agreement in the form provided by the Assignee, and (viii) ability to submit a deposit of no less than 10% of the bid. Assignee intends to sell the Purchased Assets to pursuant to execution of an Asset Purchase Agreement ("APA") substantially in the form provided by the Assignee. The Assignee will establish additional procedures for the sale of the Assets, which may include an auction, after the Bid Deadline, based on the nature of bids received and will provide bidders further instructions at that time.

Parties interested in the Assets of Bandier Holdings, LLC are requested to contact James Romey ([email protected]) at (415) 517-5502 or Steven Victor ([email protected]) at (773) 230-4016, both of DSI Assignments.

The Assignee is represented by Dorsey and Whitney LLP, Alessandra Glorioso ([email protected]) Telephone (302) 425-7166.

About DSI:

Development Specialists, Inc. (DSI) is one of the leading providers of management consulting and financial advisory services, including turnaround consulting, financial restructuring, litigation support, fiduciary services and forensic accounting. Our clients include business owners, private-equity investors, corporate boards, financial institutions, secured lenders, bondholders and unsecured creditors. For almost 40 years, DSI has been guided by a single objective: maximizing value for all stakeholders. With our highly skilled and diverse team of professionals, offices in the U.S. and international affiliates and an unparalleled range of experience, DSI has built a solid reputation as an industry leader.

Media contact for DSI Assignments and Bandier:

Steven Victor
[email protected]

SOURCE: Bandier/DSI Assignments

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