Joe's Sports asset liquidation OK'd, to get 49% of merchandise value

By Caroline Salls

Pittsburgh, April 14 - Joe's Sports & Outdoor obtained court approval to sell its assets through a liquidation agent, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the filing, the company received three liquidation agent bids, and it selected the offer submitted by a joint venture comprised of Gordon Brothers Retail Partners, LLC and Crystal Capital Fund Management, LP to conduct going-out-of-business sales and sell Joe's inventory, fixtures, equipment and real estate.

Joe's said Crystal Capital Fund is the agent for its term loan B lenders.

The company said it will receive 49.05% of the retail value of the merchandise being sold.

Joe's Sports, a Portland, Ore.-based sports and outdoor retailer, filed for bankruptcy on March 4 under the name G.I. Joe's Holding Corp. Its Chapter 11 case number is 09-10713.

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