News broke in May that Band of Outsiders would shut down, and by June, designer Scott Sternberg posted a final goodbye on the brand's Instagram. Now WWD reports that Band of Outsiders' intellectual property rights and inventory will be auctioned off on July 29th.
Belgian fashion fund CLCC SA is holding a public auction that will involve selling all of Band of Outsiders' remaining inventory, which includes more than 5,000 items. The brand hosted massive liquidation sales in June at its Soho flagship in an attempt to sell off that inventory. The shop's adjoining Milk Bar bakery is now closed along with the store.
Previous reports indicated that Band of Outsiders "simply ran out of money" and that was the reason for the brand's closure. Now WWD's source maintains that CLCC SA took over Band of Outsiders’ assets after the brand couldn't pay its credit line of more than $2 million.