Posted by Terry Alexander - email
HENRICO, VA (WWBT) - S and K Men's Clothing Store has been in business for four decades. Right now, the company has 105 stores and nearly a thousand employees. In February the struggling company filed for bankruptcy.
Tuesday, representatives with the company met with two bidders in hopes of auctioning off the company.
"They can buy it outright or they can buy the assets to sell through certain procedures," said bankruptcy attorney John Bollinger.
John Bollinger is not affiliated with the "S and K" bankruptcy case. He is a bankruptcy attorney.
"The overall goal is to get the most money into the estate. Basically to pay the creditors back the highest amount of money that can be obtained through this sale," said Bollinger.
Only a few details are being released about exactly what unfolded at that auction meeting. We do know that two bidders took part in the process, Hilco Merchant Resources and Gordon Brothers Retail Partners. Both are known for buying bankrupt companies and selling off merchandise.
At this point it's unclear which bid, if any, was accepted by S and K or the price tag attached to it. That information is expected to released during a court hearing.
An attorney for S and K says the judge can accept or reject the deal. If it's not approved more negotiations are expected to take place. That hearing will take place in a Richmond courtroom Wednesday. It's scheduled to get underway at noon