Though C. Wonder filed for bankruptcy in January, the preppy retailer's narrative isn't quite done. On Friday, Xcel Brands announced that it has entered an agreement to acquire C. Wonder's intellectual property rights, trademarks and related designs. Until now, those assets were controlled by C. Wonder founder Chris Burch (also the ex-husband of Tory Burch), who bought them up after his company went under.
Under Xcel's wing, C. Wonder is joining a number of brands that have seen their fair share of financial troubles: H Halston, Isaac Mizrahi and Liz Claiborne among them. Burch, for his part, lost a reported $70 million on the venture, which many people said expanded too quickly for its own good.
So how, exactly, does Xcel plan to rehab the failed brand? We'll find out after the deal gets official approval from the company's board, at which time it has promised to deliver more information.