boohoo.com to buy Nasty Gal intellectual property, database for $20m
Online fashion retailer boohoo.com expects to buy the intellectual property assets and customer databases of US clothing retailer Nasty Gal for $20m, subject to approval by a US bankruptcy court.
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Approval by the US Bankruptcy Court is expected on or after 8 February, and if approved the company should complete the acquisition of Nasty Gal on 28 February.
The AIM-listed company said in December 2016 that it had entered into an asset purchase agreement to buy certain intellectual property assets and customer databases from Nasty Gal.
The deal has been governed by a US bankruptcy court approved bidding process and boohoo was notified by Nasty Gal's counsel that no acceptable, qualifying bids have been received for the intellectual property assets and customer databases and so no auction will take place.