US court gives the go-ahead to Boohoo’s bid for Nasty Gal

London - The US Bankruptcy court has given the green-light for Boohoo’s bid to acquire certain intellectual property assets and the customer database from the fashion retailer Nasty Gal.

The court approval comes not long after Boohoo confirmed it had entered into an asset purchase agreement to take over Nasty Gal’s assets for 20 million dollars (16.4 million pounds). In an acquisition update, Boohoo confirmed that the proposed transaction to acquire Boohoo will be governed by a court approved bidding process. The closing date for all bids for Nasty Gal is February 2, 2017 and the Manchester-based retailer stresses that it’s bid may not result in a sale if other parties put in a higher or more favourable offer for Nasty Gal.

However, if Boohoo’s bid is successful, the transaction will be subject to final approval by the US courts around 8 February. Boohoo added that it’s company board still believes the sale has the potential to accelerate its international growth, particularly in the US, as it is “building on its existing customer reach and product range.”