Frank and Oak IP to be sold to Lamour Group and Thread Collective
Following the announcement of widespread store closures, it appears Frank and Oak may have stumbled upon a light at the end of the tunnel. The Canadian lifestyle brand is believed to have found a buyer for its intellectual property.
According to a press release seen by CBC, the company says the Superior Court of Quebec has approved the sale of the brand to Lamour Group and Thread Collective Inc.
While the deal will allow Frank and Oak to remain in operation, its former owner, UGC Canada Holdings Inc., is now anticipated to file for bankruptcy and wind down its business, the media outlet reported.
The brand's Canadian e-commerce site will continue to move forward and liquidation sales on its US platform are to remain in place until stock has been depleted.
Frank and Oak had already long been tackling a turbulent financial situation over the past five years, and ultimately filed for creditor protection in December 2024, at which time UCG had been seeking a buyer for the brand.
At the time, UCG CEO, Dustin Jones, stated: 'Despite significant growth over the past few years, the company has struggled to recover from losses incurred as a result of the Covid-19 pandemic.'
By April, the brand confirmed its intention to close all of its stores in the US and Canada by the end of May, aligning with terms under the Canadian Bankruptcy and Insolvency Act.
FashionUnited has contacted UCG, Frank and Oak and the company's legal representative PwC with request to comment.
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