Modern Vice’s boots are made for walking. Come next week, they’ll be walking to the bankruptcy auction block.
The Manhattan-based shoemaker’s assets are up for sale as part of owner Adoni Group’s Chapter 11 case, court papers show. That includes the brand’s intellectual property, inventory, social media sites, equipment and lease to its Garment District factory.
The maker of rocker-inspired boots (styles are named Jett, Debbie and Bowie) for women and men’s velvet loafers has drawn attention for its styles and efforts to bring shoe-making back to the U.S. from the likes of BET, Elle, Inc. and MTV.
Standing ready to bid on the assets is a company tied to Jordan Adoni, one of the brothers who are the creative force behind Modern Vice. He’s offering $180,000, plus rent, which bankruptcy lawyers are looking to put to the test at a Monday auction.
Also up for grabs at that auction, according to court papers, is Adoni’s intellectual property rights related to the L’Amour Des Pieds line of shoes. The practical-looking leather sandals, wedges and flats are sold at Nordstrom.
Both sales would be subject to the approval of the U.S. Bankruptcy Court in Manhattan, where creditors sought to force Adoni Group’s involuntary liquidation this summer. The company later hired a chief restructuring office and converted the case to a voluntary Chapter 11. Modern Vice reps couldn’t be reached for comment.
Write to Jacqueline Palank at jacqueline.palank@wsj.com. Follow her on Twitter at @PalankJ
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