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BANKRUPTCY ACTION: A bankruptcy court in Newark has approved the $18 million offer plus assumption of certain liabilities by Los Angeles-based Clearlake Capital Group as the stalking horse bidder for the assets of Ashley Stewart. Private equity firm Clearlake Capital also has investments in Bluefly and The Swiss Watch International Group. It also had an investment in Buy.com, which it sold to Japanese conglomerate Rakuten Inc. in May 2010.

The Newark bankruptcy court has set Thursday as the auction day for the retailer’s assets. The plus-size chain filed a voluntary Chapter 11 petition for bankruptcy court protection on March 10.

This story first appeared in the April 11, 2014 issue of WWD.  Subscribe Today.