C. Wonder prepares for turnaround

In January, C. Wonder said it was closing its doors and filed for Chapter 11 bankruptcy. Last month the debunked retailer was acquired by Xcel brands and recently hired creative director Brad Goreski to execute a turnaround. The acquisition officially closed today, shifting all of C. Wonder's designs and intellectual property under the ownership of Xcel for $12.5 million.

The television personality and celebrity stylist, most known for his role on E!'s "Fashion Police" show, has an accomplished background in the fashion industry. He has spearheaded a new line of C. Wonder products including apparel, footwear and accessories. More items will be added in the future.

C. Wonder will make its debut on QVC in the spring of 2016, the fourth Xcel brand to be showcased on the video and e-commerce platform. Goreski will also serve as the on-air personality.

Although no plans for physical stores are in place, Xcel is open to global licensing deals for stores once the wholesale business is secure, Business Insider reported.

Xcel took over the company from billionaire Christopher Burch last month. Burch had struggled to differentiate his label from that of his ex-wife's brand, Tory Burch. Founded in 2011, Xcel owns brands such as Isaac Mizrahi, Judith Ripka, H Halston and Liz Claiborne New York. 

"We are delighted to announce the next chapter for C. Wonder. The brand is in the best hands with Xcel and we know they will be incredible stewards of our commitment to delight and surprise our customers at every turn," Burch said.

For more:
-See this Business Insider article
-See this Xcel Brands press release

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