Global Brands unit OK’d to sell Aquatalia assets at reduced price

By Sarah Lizee

Olympia, Wash., Oct. 18 – Global Brands Group Holding Ltd. subsidiary GBG USA Inc. received court approval to sell its Aquatalia assets to Saadia Group LLC for $19.75 million, reduced from $22.75 million originally, according to an amended order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

GBG and Saadia agreed to the reduced purchase price following a notice of default dated Oct. 11 filed by Saadia. Following the amended sale order, the default is deemed waived.

New York-based GBG USA is primarily engaged in operating the wholesale and direct-to-consumer footwear and apparel business in North America. The company filed bankruptcy on July 29 under Chapter 11 case number 21-11369.

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