Stalking horse bidder Charlesbank’s $150 million offer was the only bid at Rockport’s bankruptcy auction, but the sale doesn’t protect the $54 million in obligations owed to Adidas, the former Rockport parent said in a court filing. The asset purchase agreement calls for a Charlesbank-owned entity to acquire the shoe maker’s wholesale and e-commerce assets, including international operations, no later than Jul. 31. The bid excludes Rockport’s 27 U.S. and 33 Canadian retail stores, which have been holding GOB sales and are set to close by the end of the month.

Adidas’ objection centers around the disentangling of Rockport’s operations from ... Log in to view full article.