Australian investment firm AR Management made an unsuccessful bid to purchase embattled luxury retailer Belinda International during its administration.
Ragtrader has obtained minutes from a meeting of creditors late last month, which revealed the firm made an offer to acquire the company’s assets on September 20. As reported on www.ragtrader.com.au, a deed of company arrangement was later approved and the company was handed back to founder and director Belinda Seper.
While details on the offer made by AR Management were not revealed in the minutes, only nine out of 61 creditors represented at the meeting voted in its favour.
Unsecured claims for creditors present at the meeting totalled $1.6 million, while secured creditor Westpac, which abstained from voting, was recorded at $1.3 million.
The acquisition move spells another chapter in the long-running saga between Seper and former Belinda International executive Marlene Mangioni.
The firm that offered to purchase Belinda International also has a stake in Mangioni’s Col-lect Retail enterprise and mycatwalk.com, where Mangioni is also currently employed.
Mangioni worked as a retail operations manager under Seper for 11 years, before jumping ship to competitor Robby Ingham with right-hand woman Sue Rainger in late 2009.
It is understood Mangioni no longer has ties with Ingham or Seper.
Belinda International operates a number of multi-brand stores including The Corner Shop and Belinda, stocking brands such as 3.1 Phillip Lim, Lanvin, Proenza Schouler, Marni, Isabel Marant, and Dries Van Noten.
Ragtrader is still awaiting the release of a creditor’s report.
Assia Benmedjdoub