Frank and Oak IP to be sold to Lamour Group and Thread Collective
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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The Herald Scotland
7 hours ago
- The Herald Scotland
Main employer on Hebridean island to leave after 50 years
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Daily Mail
8 hours ago
- Daily Mail
Albo's radical plan for cash as fewer Aussies pay with banknotes
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Scottish Sun
9 hours ago
- Scottish Sun
Famous English club change name to ‘Red Bulls' after takeover by energy drinks giant – and fans are happy about it
HAVING A BALL Famous English club change name to 'Red Bulls' after takeover by energy drinks giant – and fans are happy about it Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) RUGBY giants Newcastle Falcons have been renamed following a takeover by Red Bull. The Premiership side will be known as Newcastle Red Bulls going forward. Sign up for Scottish Sun newsletter Sign up 2 Newcastle Falcons have been named Newcastle Red Bulls following a takeover Credit: Getty 2 The change will take place from the 2025-26 season Credit: PA They will continue playing at Kingston Park and Steve Diamond will keep his role as Director of Rugby for the foreseeable future. A statement from the club read: "Newcastle Rugby Ltd are pleased to announce that Red Bull has taken full ownership of the club. "The newly-named Newcastle Red Bulls will proudly remain at Kingston Park and will build for sporting success with a commitment to developing local rugby talent through a strengthened academy program, delivering a world class fan experience and embracing the innovative approach that Red Bull has brought to its sports initiatives across the world. "Steve Diamond will remain in his role of Director of Rugby, ensuring continuity and expertise as he prepares the team for the new season and helps to set the foundations for a club that aims to compete for trophies in England and Europe in the coming years." READ MORE IN SPORT FINAL WHISTLE Shamed Premier League ref David Coote slapped with ban for Jurgen Klopp rant Meanwhile, Oliver Mintzlaff, Red Bull CEO Corporate Projects and Investments, said: "Together, we aim to elevate rugby to new heights and deliver unforgettable moments for our fans. "We're delighted to have acquired Newcastle Red Bulls and look forward to empowering the club to reach its full competitive potential." Rugby Football Union CEO Bill Sweeney added: "Red Bull's investment in Newcastle is a very positive development and demonstrates the confidence in and potential of the Gallagher Prem, which is experiencing growing attendances, increased youth audiences and rising TV viewership. "We've been pleased to support the club, the league and Red Bull in the process which will be the first major new investment in a Prem club since 2016. "Having a Gallagher Prem club in the north of England is critical to rugby in the region both for preserving a rugby fanbase and its role in talent development and community outreach. "We look forward to Newcastle Red Bulls going from strength-to-strength next season and congratulate all those involved in making today's announcement a reality." Fans are also thrilled about the news, with one person taking to X to write: "Delighted for all the Newcastle fans and will strengthen the Prem and English rugby. Newcastle would have been relegated and probably gone had many got their way. "Rugby correctly ring fenced and after the dreadful Covid impact, the sport can start to build and move toward financial sustainability. "I look forward to the dynamism and energy that the Red Bull marketing team will bring to our sport and hope this shows the way for other top brands to associate themselves with the game." Another commented: "Absolutely fantastic news for the Premiership, European Rugby, club Rugby in England and most importantly, for Newcastle Falcons and Rugby in the North. "I really hope Red Bull is allowed the opportunity to create Newcastle as one of Europe's best Rugby sides." While a third said: "As a Wasps fan this is fantastic news for Newcastle fans who have stuck with them through tough times. Look forwards to seeing a lot of upsets this season."
