Stuck in bankruptcy Nasty Gal was set to be auctioned off earlier this month. However, no bids were submitted! So the company was forced to accept a prior offer of 20 million by UK retailer Boohoo. Nasty Gal has been on the decline for a while now. They had been trying to recover by closing over 100 storefronts and laying off over 10% of their employees, but they were already too far gone. They also have been finding it hard to compete with fast fashion like Forever 21 or H&M. The 20 million dollar buy out may not have been what Nasty Gal was looking for, but since it was the only offer they will have to make due.
The deal is set to close at the end of February.