Bankruptcy judge approves ‘store closing’ sales at all Performance locations, sets ASE auction for January

By Steve Frothingham

DURHAM, N.C. (BRAIN) — A bankruptcy judge has ruled that Advanced Sports Enterprises can hold store closing sales at 102 Performance Bicycle locations. The court also pushed back the auction of ASE’s assets to mid-January. The auction had originally been scheduled for Dec. 18.

U.S. Bankruptcy Judge Benjamin Kahn said Gordon Brothers Retailer Partners, which is the liquidation company managing sales at the stores, can promote sales events using language including “store closing sale,” “sale on everything,” “everything must go,” or similar sales. The language used to promote the sales has been under discussion and last week Kahn barred the use of language suggesting the stores were closing until the subject was discussed at a hearing Thursday. Kahn said all stores must still comply with state or local laws on sales language.

Otherwise, Kahn’s order filed Friday is largely the same as the interim order he issued last week. Gordon Brothers must continue to accept gift cards and certificates issued before the bankruptcy filing, and must honor returns of merchandise bought before the filing under the same terms as when the items were bought. As in the earlier order, Kahn noted that the stores should follow state and local …read more

Via:: Bicycle Retailer and Industry News