The U.S. Bankruptcy Court approved hhgregg’s motion for an order (i) authorizing the Debtors to enter into the consulting agreement and (ii) authorizing and approving the conduct of Phase II store closing sales, with such sales to be free and clear of all liens, claims and encumbrances.
As previously reported, “Pursuant to this Court’s Bid Procedures Order approved on March 28, 2017, the deadline by which the Debtors had to enter into a stalking horse agreement was March 29, 2017 (the ‘Stalking Horse Deadline’). No going concern bids were received by the Stalking Horse Deadline. The deadline by which all Qualified Bids (as such term is defined in the Bid Procedures Order [Docket No. 461]) must be received is April 7, 2017.”
In addition, “The Debtors file this Motion as a protective measure in the event no acceptable going concern bids are received, or that one or more going concern bids is received but such bids do not contemplate the acquisition of all of the Debtors’ retail store locations on a go forward basis. In such case, rather than filing this Motion on April 8, 2017, the Debtors will instead be in a position to start the store closing sales on April 8, 2017 at either all 132 of the Debtors’ remaining stores and distribution centers, or the stores and distribution centers not otherwise included in an acceptable going concern transaction (collectively, as the case may be, the ‘Phase II Closing Locations’).”
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