Fifth & Pacific was close to selling the business to Advent, but talks fell apart just before the finish line, said the Wall Street Journal, citing people familiar with the matter.
Advent hasn’t had contact with the company for more than a month, said the sources. A source close to Fifth & Pacific said there are other suitors for Lucky Brand, according to the report.
Earlier this year it was reported that Fifth & Pacific hired investment banks Centerview Partners and Perella Weinberg to sell Lucky Brand and its Juicy Couture label amid a focus on the fast-growing Kate Spade brand.
Lucky has said that it expects to generate adjusted EBITDA of between $50m and $55m in 2013. The business had 177 full-priced stores and 47 discount outlets at the turn of the year.
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