Boohoo to finalise acquisition of Nasty Gal by the end of the month

London - Boohoo.com is set to finalise its acquisition of certain assets from Nasty Gal by the end of the month, as the US fashion retailer failed to generate any other acceptable or qualifying bids.

The Manchester-based retailer previously announced it had entered into an asset purchase agreement to acquire certain intellectual property assets and customer databases from Nasty Gal Inc for 20 million US dollars at the end of December, 2016. The acquisition process for the bankrupted retailer was open to other bids, governed by a US Bankruptcy Court, and reported indicated that over 200 businesses were interested in Nasty Gal last month.

However, Boohoo.com confirmed on Monday that no acceptable or qualifying bids were received for Nasty Gal assets, other than its stalking horse bid, so no auction will take place. Boohoo bid for certain assets from Nasty Gal is subject to final approval from the US Bankruptcy Court, which is expected to take place on or after 8 February 2017.

If approved, the transaction for Nasty Gal will be completed on February 28, 2017.