DURHAM, N.C. (BRAIN) — A U.S. bankruptcy judge has ruled that a liquidator company may not promote sales at some Performance Bicycle locations as “Store Closing,” “Going out of Business,” “Liquidation Sale,” “Bankruptcy Sale,” or similarly themed sale events. While the sales may continue, those kinds of signs are not allowed.
The ruling by Judge Benjamin A. Kahn applies to the 62 additional stores where Gordon Brothers Retail Partners began operating sales on Saturday. The company also has been operating sales at the 40 other Performance locations since about Nov. 16, when Performance’s parent company, Advanced Sports Enterprises, filed for Chapter 11 bankruptcy.
Kahn said Gordon Brothers and ASE are permitted to promote the sales as “Holiday Sale,” “Inventory Clearance Sale,” or “Christmas Sales.”
ASE’s CEO has told BRAIN that none of the sales should be seen as a direct indication that specific stores will close, although he expects that many locations ultimately will shut down.
“Currently, this is more about inventory liquidation rather than store closure,” Pat Cunnane said in an email to BRAIN. “Whether a store is ultimately closed is a function of concessions that we may obtain from landlords and …read more