Atallah brothers’ $78-million buyback bid moves forward despite several creditors’ objections.
Montréal luxury e-commerce platform Ssense will return to the hands of its founders after an unsuccessful attempt by its lenders to block a deal.
The bid includes plans for the business’ continued operation, a cash payment of $58.5 million, and assuming some liabilities.
In a ruling on Feb. 4, a Superior Court of Québec judge dismissed a request from Ssense’s main lenders to force an asset sale of the embattled company. Instead, the court affirmed that a buyback bid from Ssense’s founders, valued at $78 million, should be granted. According to The Business of Fashion, Ssense’s…