Bachrach Acquisition, which owns the 133-year-old men’s apparel cataloger/retailer Bachrach, has scheduled an auction to sell the assets of the bankrupt merchant on Feb. 22.
The auction will be held starting at 10 a.m. EST at the law offices of Platzer, Swergold, Karlin, Levine, Goldberg & Jaslow in New York. A hearing is set for Feb. 23 to review the auction results.
Lee Diercks, a partner with Clear Thinking Group, Bachrach Acquisition’s financial adviser, says the winning bid will be approved Feb. 23 and the sale closing will occur by Feb. 26.
Bachrach also filed notice with the court that it has received a bid to purchase all of its assets from B & B Bacharach LLC. This bid sets the floor price for the sale; the debtor is seeking higher and better bids prior to and at the auction.
New York-based Bachrach operates 20 stores in 13 states, and sells merchandise via catalog and e-commerce. The company was acquired by Sun Capital Partners in 2005 and filed bankruptcy in 2006.
An affiliate of Sun Capital Partners sold the cataloger to Bachrach Acquisition, a limited-liability company, for an undisclosed price in August 2006. According to the Bachrach Website, Bachrach Acquisition is a group of private investors headed by Brian Lipman.
Bachrach emerged from bankruptcy in 2007. It went back into Chapter 11 in May 2009.