Francesca’s Secures Court Approval for Intellectual Property Sale to Altar’d State

By Editorial Team

Francesca’s, a women’s specialty retailer that filed for bankruptcy for the second time in February, has successfully obtained court approval for the sale of its intellectual property to Stand Out For Good Inc., the parent company of Altar’d State, a faith-based clothing retailer.

The sale, valued at $7 million, was finalized after an auction was canceled due to the absence of any other qualified bids, as confirmed by Francesca’s attorney Vincent Roldan of Mandelbaum Barrett PC during a hearing at the US Bankruptcy Court for the District of New Jersey.

Roldan mentioned that objections to the sale were resolved before the hearing took place, ensuring a smooth transaction process.

Additionally, a committee of unsecured creditors reached an agreement with Francesca’s regarding the timing of payments, further solidifying the sale of the intellectual property.

Francesca’s decision to sell its intellectual property to Altar’d State marks a strategic move amidst its bankruptcy proceedings, allowing the company to streamline its operations and focus on restructuring efforts.

For more legal insights and updates, visit Bloomberg Law.