Dots requests court approval to hold auction for assets on Feb. 28

By Caroline Salls

Pittsburgh, Jan. 31 - Dots, LLC requested court approval of the bid procedures for the proposed sale of its assets, according to a Friday filing with the U.S. Bankruptcy Court for the District of New Jersey.

The company said it solicited interest from about 260 parties and entered into nondisclosure agreements enabling 30 prospective bidders to access a due diligence data room.

As a result, Dots said it expects the proposed auction to result in "robust bidding."

Bids will be due by Feb. 17, and the company said a stalking horse bidder could be selected within two days of that deadline.

If two or more qualified bids are received, an auction would be held on Feb. 28.

Dots, a Glenwillow, Ohio-based women's clothing and accessories retailer, filed for bankruptcy on Jan. 20. The Chapter 11 case number is 14-11016.

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