NexCen in 'Active Discussions' to Sell Blass, Waverly
Home & Textiles Today Staff -- Gifts & Dec, September 14, 2008
NexCen Brands said it has received multiple bids for its Bill Blass and Waverly businesses. The company said it is "currently in active discussions and supporting diligence for the sale of each business."
NexCen early this year ran into a severe cash crunch, then restructured its bank credit facility in August. It announced that going forward it will focus on the franchising side of the business, which is built around seven properties: The Athlete's Foot and Shoebox New York retail chains; and the five fast-food brands Marble Slab Creamery, MaggieMoo's, Pretzel Time, Pretzelmaker, and Great American Cookies.
Kenneth Hall, ceo of NexCen Brands, said, "Until a sale of Bill Blass or Waverly is completed, NexCen intends to continue to operate each business as it has done historically."
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