The recovery for unsecured creditors is expected to be around 5 cents on the dollar.
The group will fork over an additional $4.2 million to acquire the business.
With the two big hedge funds no longer considering a bid for Sears Canada, others might decide to make an offer.
Max and Lubov Azria aren’t happy with what they may be getting out of the plan.
A company posting provided information on who to reach out to regarding the status of orders.
The petition to liquidate was filed Friday in a Florida bankruptcy court.
True Religion is one of many fashion brands that were acquired by private equity firms.
The filing comes amid a brand “reinvention” and years of losses.
The mall-based retailer is on the other side of its restructuring, but a new fight could drag out the process.