A resolution is in sight for classic fashion brand Baubridge & Kay, which entered into receivership on September 12.
Details on the receivership have been scarce since the appointment of accountancy firm Grant Thornton, however www.ragtrader.com.au can reveal a buyer has now been secured.
Receiver Said Jahani said the deal is undergoing due diligence, with sale terms and the purchaser's name set to be revealed in two to three weeks time.
The contract, which has been signed, will include key assets such as trademarks and intellectual property, stock and a distribution agreement with department store David Jones.
When asked about industry speculation that Sydney suiting brand MJ Bale had made a bid for the company, Jahani said it was not the purchaser but had been "involved" in the process.
Jahani declined to reveal the amount owed to creditors and no relevant documents were available from the Australian Securities and Investments Commission at time of press.
As exclusively reported on www.ragtrader.com.au, Baubridge & Kay was in the process of launching a youthful fashion line dubbed Charlie Foxtrot at the time of its receivership.
The 22-year-old business had been reduced to one retail store by September 12, citing increased competition from offshore retailers, soaring overheads and unsustainable rents.
Both Baubridge & Kay and its accompanying asset, fashion sourcing division Collaboration & Co were placed into receivership.
The company was founded in 1989 by Julie and Philip Chapman.