Under new owners, Intermix is wreaking havoc on some small brands that were expecting payments.
Several brands contacted declined to discuss the offer on the record, but were clearly upset about the predicament. One brand owner said that Intermix isn’t even offering to give the merchandise back for their own direct-to-consumer channels and sold thousands of units on markdown.
Gary Wassner, chief executive officer of Hilldun Corp., the factoring firm, said he’s heard from several of his clients that Regent is asking for a 50 percent discount on payables currently owed, as well as future orders through the second quarter. “What I’m hearing is the response is ‘No.’ Those who have contacted me said it’s not feasible,” said Wassner.
According to one financial source, the big problem Intermix had was massive corporate overhead, which they accumulated under Gap ownership. “There’s need for a store like Intermix. There’s no Barneys and we need a showcase store. Half of their business was online,” the source said. He said Intermix hasn’t come to his firm with the 50 percent offer. He said he believes that only those brands which are heavy with inventory and don’t have good margin results have been approached.
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