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Le Tote selects stalking horse bidder for e-commerce platform
By Sarah Lizee
Olympia, Wash., Oct. 13 – Le Tote, Inc. has selected ZG Apparel Group LLP to act as stalking horse bidder for some of its assets for $3.75 million, according to a notice filed Friday with the U.S. Bankruptcy Court for the Eastern District of Virginia.
Le Tote will pay a 3% breakup fee if ZG Apparel is not ultimately the winning bidder.
The assets include the Le Tote e-commerce platform, business intellectual property, customer information and social media accounts.
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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