La Senza may be going out of business — for good.
One year after the Victoria’s Secret parent company L Brands sold the Canadian intimates brand to Los Angeles-based private equity firm Regent LP, La Senza could be headed for bankruptcy.
Apparel and footwear manufacturer MGF Sourcing US, which is owned by private equity firm Sycamore, along with two other third-party creditors, filed a Chapter 7 involuntary bankruptcy petition on Jan. 24 in Delaware against La Senza. The suit alleges that the lingerie business has continually failed to pay its debts over the last year — now an estimated $42 million in goods previously shipped.
On Monday, MGF filed an additional bankruptcy in Toronto against La Senza Canada. Hearing dates have not yet been set in either court.
If the Chapter 7 bankruptcy applications are approved, it would immediately put La Senza into liquidation.
One year after the Victoria’s Secret parent company L Brands sold the Canadian intimates brand to Los Angeles-based private equity firm Regent LP, La Senza could be headed for bankruptcy.
Apparel and footwear manufacturer MGF Sourcing US, which is owned by private equity firm Sycamore, along with two other third-party creditors, filed a Chapter 7 involuntary bankruptcy petition on Jan. 24 in Delaware against La Senza. The suit alleges that the lingerie business has continually failed to pay its debts over the last year — now an estimated $42 million in goods previously shipped.
On Monday, MGF filed an additional bankruptcy in Toronto against La Senza Canada. Hearing dates have not yet been set in either court.
If the Chapter 7 bankruptcy applications are approved, it would immediately put La Senza into liquidation.
Bras by La Senza.
Shutterstock / haikal yahaya
La Senza International, La Senza Canada and La Senza International Canada collectively own and operate the women’s fashion retailer La Senza, which sells lingerie and intimate apparel.
L Brands, which also includes Pink and Bath & Body Works in the company portfolio, sold the lingerie business last winter for an undisclosed amount. Revenues at Victoria’s Secret, L
Follow WWD on Twitter or become a fan on Facebook.