Centric Brands cancels auction for Swims equity interests

By Sarah Lizee

Olympia, Wash., Sept. 30 – Centric Brands Inc. has cancelled the auction for its Swims AS equity interests set for Sept. 30, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, Centric said it received five bids by the original Sept. 14 bid deadline, but none of those were qualified bids.

As a result, the company determined that it was in the best interest of its estates and stakeholders to provide the five proposed bidders additional time to submit qualifying bid documents by 5 p.m. ET on Sept. 24, including an asset purchase agreement and ancillary documents, that are not conditioned upon any further diligence.

The bid deadline was adjourned once more to Sept. 29, but the debtors had still not received any qualifying bids.

New York-based Centric Brands is a lifestyle brand collective that designs, sources, markets and sells kid’s, men’s and women’s apparel, accessories, beauty and entertainment products. The company filed bankruptcy on May 18 under Chapter 11 case number 20-22637.

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