Penny & Kenny Shoes LLC could soon be the property of Titan Industries Inc.
P&K has filed a motion with the U.S. Bankruptcy Court for the Southern District of New York to sell all of its assets to Titan, or another bidder, at a hearing on Dec. 1. According to the motion, the company would be sold for $150,000 in cash for all assets, including the trademark Penny Loves Kenny.
Titan CEO Joe Ouaknine told Footwear News on Friday that the brand, which filed for bankruptcy in August, would be a perfect fit for his company and fill a void in his brand assortment, which includes licenses with Bebe, Badgley Mischka, Betsey Johnson and L.A.M.B. “It’s really a pure juniors’ brand,” he said. “It’s something we don’t have, and it’s something that’s going to add to our mix. We would also own the brand, and that’s something I found really exciting.”
Ouaknine went on to add, “We’re hoping to clear waivers by Dec. 1, so at FFANY we should already be showing the collection that was done by Penny & Kenny. … Then, we’ll take over and make changes for the next show.”
Assuming the deal goes through, Ouaknine said P&K would continue to develop shoes in the $49-to$89 range, but expand distribution into the department store channel. Also, he said, the brand could benefit from Titan’s extensive sourcing relationships. “There’s a lot of potential here,” he said. “They were paying too much for shoes, and we have a much bigger buying power than what [founder Kenny Robinson] did. We’ll be able to make that a profitable company.”
It’s too soon to say if the husband and wife duo Penny and Kenny Robinson would remain with the brand, but Ouaknine said it is a possibility and something to be discussed at a future time. “It’s possible, but we’re not sure yet,” he said. “They’re going to be given consideration and we’ll go from there.”