Urban Brands: Court approves sale of assets to New Ashley Stewart

By Lisa Kerner

Charlotte, N.C., Oct. 27 - Urban Brands, Inc.'s sale of substantially all of its assets to stalking horse bidder New Ashley Stewart, LLC, an affiliate of GB Merchant Partners, LLC, for $15.67 million was approved following a sale hearing on Wednesday, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

New Ashley was selected as the successful bidder at an auction on Oct. 25, the filing said.

Urban Brands, a Secaucus, N.J.-based plus-sized apparel retailer, filed for bankruptcy on Sept. 21. Its Chapter 11 case number is 10-13005.

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