ACCESSORY PLACE SELLING LEASES
NEW YORK — Accessory Place Inc., the 49-unit specialty chain currently liquidating under Chapter 11, is expected to win court approval this week to sell its store leases at a bankruptcy auction March 26.
The Leonia, N.J.-based chain filed for court protection Feb. 20 pending liquidation, after its parent cut off financing.
Going-out-of-business sales began last week and will run through the end of March. According to an agreement with the liquidator, Accessory Place will be guaranteed 10 percent of the retail value of the inventory, which was placed at not less than $4.9 million.
Accessory Place has asked the court to retain Keen Realty to act as the broker in selling the leases.
Accessory Place, which sells costume jewelry, hair ornaments, leather goods, hosiery, hats, gloves and scarves, has had a bumpy history, first filing for Chapter 11 protection in April 1992.
It emerged from bankruptcy in January 1993, but was forced to seek protection from its creditors again in February 1995, as a result of the poor economic climate and too many bad leases. It emerged from its second Chapter 11 last June 1.
— Fairchild News Service