Wilkes Bashford Files Chapter 11, Seeks Asset Sale
The Wilkes Bashford Company, a high-end department store chain, filed for chapter 11 protection on Monday in order to effectuate a sale of substantially all of the company's assets to Ed Mitchell West, LLC. The chain was founded in 1966 and operated its six-story flagship store in San Francisco's Union Square. Wilkes Bashford stores were also opened in Mill Valley, Palo Alto, and Carmel, California but the Mill Valley store and the Carmel store were closed in the last two months.
The proposed purchaser is affiliated with a private luxury retailer on the East Coast and would continue to operate the San Francisco and Palo Alto stores. Under the proposed agreement, Mitchell would pay $4.6 million in cash, subject to inventory adjustments. However, the transaction is subject to a competitive bid process to allow for higher or otherwise better offers. Wilkes Bashford is seeking approval of an expedited sale process, arguing that a sale needs to close by November 30th in order to avoid impacting the holiday shopping season. Therefore, Wilkes Bashford has requested that alternate bidders be required to submit their bids by November 23 and that a hearing to consider the sale be held on November 25. A hearing to consider the proposed bid procedures and a proposed break-up fee for Mitchell is scheduled for tomorrow morning, November 10, at 9:30 a.m.
netDockets has made a complimentary copy of the bidding procedures motion available on JDSupra.
About netDockets:
With over 1.4 million documents filed in over 700 of the largest corporate chapter 11 bankruptcy cases, all professionally-coded to be quickly and easily searchable, netDockets allows you to find not just more precedent, but the best, most relevant precedent.
Learn more and sign up for a free trial account by visiting http://www.netdockets.com/. In addition, please contact us directly to learn more about special free trial and payment options for mid-size and large law firms. Contact information can be found on our JDSupra profile page and at http://www.netdockets.com/.
The proposed purchaser is affiliated with a private luxury retailer on the East Coast and would continue to operate the San Francisco and Palo Alto stores. Under the proposed agreement, Mitchell would pay $4.6 million in cash, subject to inventory adjustments. However, the transaction is subject to a competitive bid process to allow for higher or otherwise better offers. Wilkes Bashford is seeking approval of an expedited sale process, arguing that a sale needs to close by November 30th in order to avoid impacting the holiday shopping season. Therefore, Wilkes Bashford has requested that alternate bidders be required to submit their bids by November 23 and that a hearing to consider the sale be held on November 25. A hearing to consider the proposed bid procedures and a proposed break-up fee for Mitchell is scheduled for tomorrow morning, November 10, at 9:30 a.m.
netDockets has made a complimentary copy of the bidding procedures motion available on JDSupra.
About netDockets:
With over 1.4 million documents filed in over 700 of the largest corporate chapter 11 bankruptcy cases, all professionally-coded to be quickly and easily searchable, netDockets allows you to find not just more precedent, but the best, most relevant precedent.
Learn more and sign up for a free trial account by visiting http://www.netdockets.com/. In addition, please contact us directly to learn more about special free trial and payment options for mid-size and large law firms. Contact information can be found on our JDSupra profile page and at http://www.netdockets.com/.
blog comments powered by Disqus
