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DOTS GETS OK FOR BANKRUPTCY AUCTION: Bankrupt retailer Dots has received approval from a Newark bankruptcy court to hold an auction of its assets on Wednesday. The firm’s chief executive officer Lisa Rhodes left the firm last week.
According to bankruptcy court records, Gordon Brothers Retail Partners is the stalking-horse bidder and the agreement on file with the court is calling for a going-out-of-business sale beginning in March and ending in May. There is still the possibility, however remote, that a buyer for the chain might enter the auction process on Wednesday.
The $325 million chain filed a voluntary Chapter 11 petition for bankruptcy court protection last month.