By  on July 14, 2010

Trade Secret Inc. last week filed a voluntary petition for Chapter 11 bankruptcy court protection in Delaware, and plans to sell certain assets to former owner and creditor Regis Corp.

The plan is to sell Trade Secret to Regis as the so-called “stalking horse bidder” for $45 million, which includes the assumption of $13 million in liabilities, with Regis transferring the interest into a new entity associated with Brian Luborsky, chief executive officer, for the purpose of operating a scaled-down version of the firm.

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