Bidder Announced for Dots Intellectual Property Assets
Hilco Streambank announced that Rainbow Shops will be the stalking horse bidder in the Chapter 11 auction of Dots intellectual property assets.
Hilco Streambank announced that Rainbow Shops will be the stalking horse bidder in the Chapter 11 auction of Dots intellectual property assets.
Gordon Brothers Group announced it was awarded by the bankruptcy court the Dots closing process for all locations. Store closing sales will begin March 1.
The Wall Street Journal reported Dots is preparing to sell its roughly 370 stores at a Feb. 26 auction, after a bankruptcy judge granted permission to set a Feb. 25 bid deadline for potential buyers.
Bloomberg reported Dots filed for bankruptcy protection, blaming prior management, the economy and leases that cost too much. Salus Capital Partners was said to be owed $30.6 million.
Dots announced it closed on a new four-year $51 million senior secured credit facility and term loan from Salus Capital Partners.