LOS ANGELES—The publicly-traded PLBY Group, parent company of iconic brand Playboy, announced Thursday that it has entered into an agreement to sell its Lovers Stores pleasure retail chain.
According to a statement to investors, Playboy will sell Lovers for $13.5 million to LV Holding, LLC. LV Holding is a "third party unaffiliated with PLBY Group," the statement notes.
The deal is expected to close during the fourth quarter of this year.
Lovers is an e-commerce and brick-and-mortar retailer of sexual wellness and pleasure products that operates across 40 locations in five U.S. states.
The actual Lovers business is held under TLA Acquisition Corp., which is wholly owned by PLBY Group subsidiary Playboy Enterprises, Inc.
The sale of Lovers allows Playboy to transition to a "capital-light" business model that focuses on its hero brand, Playboy, which includes its Centerfold creator platform, the magazine, and its international licensing operations.
PLBY Group is traded on the NASDAQ.
