Schottenstein Stores won the trademark, inventory and receivables of bankrupt Bugle Boy Industries as its $68.6 million offer topped bids by Perry Ellis International and Tropical Sportswear in a six-hour auction in Los Angeles. Bugle Boy, which had amassed $100 million in debt, filed Chapter 11 on Feb. 1.

Affecting about $5.4 billion in obligations, Moody’s Investors Service cut the ratings of J.C. Penney Co.’s debt to its highest junk status based on its recent
operating difficulties.