People’s Liberation Inc. on Wednesday said that it has settled breach-of contract litigation with its former main distributor, Charlotte Russe Holding Inc., but did not provide details.
The Los Angeles designer denim and apparel maker said it was “pleased with the outcome of the litigation,” but terms were being kept confidential at the request of Charlotte Russe, a San Diego-based retailer. Neither side admitted liability or wrongdoing in the case.
“We can now focus on the business at hand, and put this matter behind us,” said People’s Liberation Chief Executive Colin Dyne in a statement.
People’s Liberation, which makes People’s Liberation, William Rast, and J Lindeberg branded apparel, switched its North and Central American distribution in late 2008 from luxury department stores to Charlotte Russe, which operates a chain of stores in malls and shopping centers.
The multi-year deal reportedly included guaranteed minimum purchases of $65 million during the first three years of the contract. But People’s Liberation accused Charlotte Russe of terminating the contract after only a year once the retailer was acquired by private equity firm Advent CR Holdings.
People’s Liberation shares were unchanged at 10 cents on the Over-the-Counter Bulletin Board.