In March, the company filed for Chapter 11 and said that it would close 140 stores. But during a court hearing last week the company said it would hold a court supervised auction on May 16 to try and sell its assets, said Fortune.com.
During the hearing, the company said takeover offers barely covered its $100 million administrative costs, much less the $1.1 billion it owes creditors, added Fortune.com.
Click here to read the Fortune.com article.
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