Intro by John Bishop, Cohen Garelick & Glazier PC
On March 19, 2019, a Delaware bankruptcy judge granted Charlotte Russe Holding Inc. permission to sell its remaining intellectual property and real estate lease assets, adding to its total bankruptcy estate. The IP and lease assets are valued at $5 million and add to the company’s $59 million liquidation sale for its more than 500 stores. After filing for Chapter 11 protection in February 2019, SB360 won the auction in early March 2019 with an offer to pay Charlotte Russe 37% of the value of its $160 million inventory. While pennies on the dollar, the winning bid provided about $8 million more than the debtor’s initial offer.
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