Patriarch’s Plans for Stila
by Julie Naughton with contributions from Rachel Brown
Posted Tuesday April 21, 2009
Nearly a month after furloughing its entire employee base and igniting
bankruptcy rumors, Stila is headed back into business. As reported,
the Glendale, Calif.-based brand was acquired by private equity firm
Patriarch Partners LLC, based here, in a deal expected to be finalized
today. Patriarch acquired the brand in a foreclosure sale from
Wachovia Corp. and CIT Group after Stila defaulted on a loan.
Stila’s future had been uncertain — multiple sources told WWD that
employees were let go as of March 27, and Monday afternoon, Stila’s
ecommerce site still sported an “under construction” sign, warning
customers that “any orders that were placed on 3/23/2009 – 3/24/2009
may be canceled.” That message has been in place on the Web site for
at least two weeks.
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