Le Tote names Saadia Group as winning bidder for e-commerce platforms

By Sarah Lizee

Olympia, Wash., Oct. 19 – Le Tote, Inc. named Saadia Group LLC’s $12 million bid for the intellectual property and e-commerce platforms of Le Tote and Lord & Taylor the winning bid, according to a notice filed Friday with the U.S. Bankruptcy Court for the Eastern District of Virginia.

Branded Online, Inc. was named backup bidder.

As previously reported, the company had selected ZG Apparel Group LLP to act as stalking horse bidder to purchase the assets for $3.75 million. Le Tote will pay a 3% breakup fee to ZG Apparel.

The assets include the e-commerce platforms, business intellectual property, customer information and social media accounts.

A sale hearing is scheduled for Oct. 20.

New York-based Lord & Taylor, a unit of Le Tote, operates fashion stores in the United States. The company filed bankruptcy on Aug. 2 under Chapter 11 case number 20-33332.

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