Overview
- Everlane’s board approved a sale Saturday valuing the brand at about $100 million, according to Bloomberg and other outlets.
- The deal would tackle roughly $90 million in debt, including a $25 million Gordon Brothers loan and a $65 million asset-backed credit line.
- A notice to investors said common shareholders will receive nothing, and the outcome for preferred holders has not been disclosed.
- Shein, Everlane and majority owner L Catterton have not announced the transaction, and recent reports say they did not respond to requests for comment.
- The news drew backlash from Everlane customers over a values clash, and the price highlights a slide from a roughly $600 million peak as Shein extends its reach into Western brands.