LXRco the luxury resale company from Canada files to sell or file bankruptcy, all directors resign.

Launched in Montreal, Canada in 2012 by founded by Frederick Mannella, and  Kei Izawa, LXR, a luxury resale company has filed to either sell the company and their assets or file bankruptcy per their press release dated October 6th, 2023. All directors and their subsidiaries have resigned.

“In 2012, Fred Mannella along with his partner, Kei Izawa began building the foundations of LXR & Co. With roots in the wholesale business, they began growing LXR with each piece bought and sold. Now with 22 retail boutiques, numerous rotating pop-ups, a growing wholesale business and a booming e-commerce website (LXRCO.COM), LXR is taking off to new heights with its omni-channel approach and an impressive network of trusted logistics partners around the world.”

In April of 2017, Gibralter Growth Corporation acquired LXR for $82.5 million and when the deal was complete, LXR was a public company. Fred and Kai stayed on to continue to run the company until early 2019, Fred resigned then shortly after, Kei followed him. They are both at 2a (two authenticators) and now focusing on wholesale.

There is no timeline as to when things will happen but considering that all of the directors have resigned and pricing is till high on their website, this may tale a little time to find the right buyer but I can assume, the sharks are swimming around smelling the blood in th water and highest bid for their email list wins!

LXR Press Release