Dive Brief:
- Athletics brand Bandier is seeking a buyer for its intellectual property and assets, including but not limited to inventory and accounts receivable, according to a Wednesday press release. For the benefit of creditors, the brand is using a general assignment — an alternative to bankruptcy wherein an assignee conducts the liquidation of assets following state law. The expedited sale process is being conducted by DSI Assignments.
- Bandier is still operating, and the decision to sell was made by the board of directors due to a variety of headwind factors such as supply chain issues, Steven Victor of DSI Assignments told Retail Dive. Bids will be accepted until 5 p.m. EST Dec. 18. Additionally, the sold assets will be provided to any buyer on an “as is, where is” basis, per the release.
- Bandier also filed a WARN notice in New York last month stating that 52 employees were affected by layoffs for economic reasons. However, the notice added that “all employees are expected to be rehired by the new entity, Bandier ABC, LLC.”
Dive Insight:
Started by Jennifer Bandier in New York in 2014, Bandier now operates five retail stores throughout the U.S. in addition to its e-commerce website. In addition to its various private label athleticwear brands, the company also sells third-party products from companies including Splits59, Andie Swim, Hoka, New Balance and more on its website.
Investment firm Eurazeo in 2019 announced a $25 million minority investment in Bandier, per a release at the time. The total capital raised was $34.4 million and Adrienne Lazarus was appointed as Bandier’s CEO. However, Lazarus left the role the following year and is currently serving as president at Madewell, per the executive’s LinkedIn profile.
Kate Nadolny took on the CEO position at the company in May of last year, according to LinkedIn.
Prior to Nadolny’s arrival, Bandier in 2021 revamped its website to help shoppers better navigate its growing product assortment, according to reporting from Modern Retail at the time. The brand also began selling its private label brands All Access and WSLY on Amazon, per a February 2021 press release.
Bandier in August debuted an apparel collection in collaboration with Lacoste that highlighted tennis-inspired products.
