Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Retailing

dELiA*s Chapter 11 Petition Filed

dELiA*s and eight affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 14-23678. The Company, which sells apparel, accessories, footwear, makeup and room furnishings marketed primarily to teenage girls and young women, is represented by Gregg M. Galardi of DLA Piper. The Company announced that it entered into an agency agreement with Hilco Merchant Resources and Gordon Brothers Retail Partners to, among other things, liquidate all merchandise owned by the Company and to dispose of certain furnishings, trade fixtures, equipment and improvements to real property with respect to its stores. dELiA*s further announced its intentions to seek Court approval to close all existing stores and distribution centers and to conduct store closing and going out of business sales. The Company determined to take this action after being unable to find a merger partner, or obtain an acquisition or financing proposal to remain a going-concern. The same announcement explains, "The Company does not anticipate any value will remain from the bankruptcy estate for the holders of the Company's common and preferred equity, although this will be determined in the anticipated bankruptcy proceedings."

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