January 07, 2019
The $4.4 billion bid by ESL chairman Eddie Lampert to reorganize was reportedly still unsatisfactory to creditors as the retailer selected Abacus Advisory Group to conduct liquidation of its remaining assets in the event that the bid isn’t accepted by a court hearing scheduled for tomorrow.
The NC bankruptcy court declined to stay its approval of Performance Bicycle parent ASE’s motion to reject its contract with Ideal Bicycle and immediately cancel its trademark license agreement with the Taiwanese supplier as well as its manufacturing and marketing agreement.
The Portland-based brand has closed its two stores in Laguna Beach and Portland and lists assets of $979,944 and claims of $2,257,275 in a Chapter 7 filing in Oregon federal court.
The Appleton, WI, store, one of the first group of stores that Camping World opened after taking over the chain from bankruptcy, is now closed.
The maker of portable refrigeration units for hunters bought the 17-year old Viper Archery brand and will run it as a separate subsidiary based in its South Point, OH location.