Bluestar Alliance, a Recent York-based brand management company, said Monday it has acquired Scotch & Soda, the Amsterdam-based men’s and girls’s lifestyle brand.

Terms of the deal weren’t disclosed. The transaction is subject to customary closing conditions.

Scotch & Soda operates 253 freestanding stores across Europe, North America, Asia, the Middle East, Africa and Australia, and is carried in 7,000 retailers worldwide. The corporate makes womenswear, menswear, kidswear, denim, eyewear, fragrances and accessories.

Scotch & Soda filed for bankruptcy earlier this month in its home country of the Netherlands, citing “severe money flow issues” because of a domino effect of the pandemic, war in Ukraine and inflation, as reported.

The acquisition by Bluestar Alliance, whose brands include Hurley, Bebe and Tahari, amongst others, will allow for the continuation of the brand and its products across key markets, including the Netherlands.

Bluestar has current retail sales exceeding $6 billion, and manages a portfolio of over 300 licenses and a retail platform of over 100 stores worldwide.

Joseph Gabbay, chief executive officer of Bluestar, said, “Bluestar continues to strategically construct its portfolio and we see Scotch & Soda as a singular fit, widely known for its roots in Amsterdam and celebrating self-expression with a contemporary twist on timeless fashion pieces.”

Ralph Gindi, Bluestar’s chief operating officer, added, “Scotch & Soda is an elegant, contemporary lifestyle brand which embodies the free spirit of Amsterdam and is uniquely recognized by consumers in all places on this planet. The area of interest brand sits by itself and attracts a younger fashion-conscious consumer who appreciates high quality craftsmanship and a spotlight to detail.”

Gindi added, “Our goal is to proceed Scotch & Soda’s luxury retail distribution strategy, while also introducing the brand to more trendsetters, especially those looking to precise their personality through their clothing.”

Following the closing of the transaction, which is predicted to happen in coming weeks, Scotch & Soda might be enabled to proceed its activities in chosen markets.

Japser Berkenbosch, attorney at Jones Day and trustee of the bankruptcy entities, said, “We’re completely happy that we were capable of make this announcement following the bankruptcy. We have now seen quite some interest from parties to amass a few of the bankrupt entities. The proposal of Bluestar Alliance was by far the most effective deal for all stakeholders involved.”

Erik Schuurs, co-trustee, added, “This is sweet news for quite a big group of employees at Scotch & Soda, even when, unfortunately, not all employees may be kept on board. Scotch & Soda is an amazing brand, and I’m glad to see that it will probably prosper under the management of an organization with an amazing track record.”

As reported last week, managing director Frederik Lukoff stepped down, effective immediately, following the bankruptcy filing, announced March 20. Berkenbosch was appointed to switch Scotch & Soda’s board within the management of the bankruptcy within the Netherlands. He had joined the cocmpany in 2019 after a decade as president of Stella McCartney.

Scotch & Soda generated record revenues of 342.5 million euros for the 2022 fiscal 12 months, but said the previous two years of pandemic restrictions “affected its business performance and financial health negatively.” Store closures within the Netherlands over the vacation period of December 2021 and January 2022 were “particularly damaging,” it said. The war within the Ukraine and the following energy crisis also became obstacles.

Scotch & Soda said it had been struggling since June 2022, and private equity investor Sun European Partners, which took a stake within the label in 2011, was not willing to prop up the corporate with more money. After months of looking for additional financing, Scotch & Soda brought in consultants Teneo earlier this 12 months to seek out a buyer.

Last December, Scotch & Soda said it signed a licensing agreement with Bos Group to take over its footwear design, production and distribution.

Outside of the Netherlands, Scotch & Soda has been expanding rapidly, opening 36 recent stores around the globe in 2022, including flagships in London and Milan, and in U.S. markets comparable to Washington, D.C., Detroit, San Antonio, Texas, and Scottsdale, Arizona. The openings brought its North American total to 50, with 46 stores within the U.S. and 4 in Canada.

The brand opened its first store in China in December, 2021 and rolled out 4 additional stores, including Beijing and Shanghai in 2022.