Teen retailer dELiA*s has sold its brand Alloy to HRSH Acquisitions (doing business as Alloy Apparel and Accessories), which was created by FAB NY’s Steve Russo, among others, for the acquisition.
dELiA*s received $3.7 million for the brand, which carries $3.1 million in liabilities, and will provide transitional services to Alloy Apparel and Accessories for up to one year.
HRSH Acquisitions was capitalized by a group of industry investors led by Steve Russo, founder of FAB NY and Artisan House, and Brian Lattman, who most recently worked a the chief merchandising officer at LANY.
Lattman will assume the role of president of the newly formed entity and plans to work closely with the Alloy management team to drive growth in the business through brand building and new customer acquisition.
"We are pleased to have completed the sale of Alloy," says Walter Killough, chief executive officer, dELiA*s. "This transaction will enable us to focus our efforts exclusively on our dELiA*s brand as we work to improve our product offerings and enhance the overall customer experience. In addition, providing transitional services will allow us to offset certain overhead costs as we evaluate our cost structure going forward.”