The intellectual property and inventory of the L.A.-based Band of Outsiders brand that went under the gavel at public auction Wednesday morning in New York City will remain in the hands of the Belgian fashion fund that organized the sale.
Although the law firm handling the sale did not return several calls seeking the results of the auction, a report by fashion industry trade weekly WWD said multiple bids and arrangements were proposed but "none would have covered the total $2.5 million debt that the fund incurred."
The WWD report also included the following statement credited to fund representatives:
"CLCC SA is now the owner of the inventory and intellectual property of Band of Outsiders after successfully credit bidding a portion of its debt at the public auction sale on July 29 ... CLCC SA believes in the Band of Outsiders brand and will continue to market Band of Outsiders in the U.S. and overseas."
The auction came barely two months after news first broke that the beloved 11-year-old L.A.-based Band of Outsiders label had canceled fall wholesale orders and laid off staff six weeks after founder Scott Sternberg posted a farewell note to fans and supporters to the label's Instagram account.
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