Destination Maternity gets interim approval for store-closing sales

By Caroline Salls

Pittsburgh, Oct. 23 – Destination Maternity Corp. obtained interim court approval to conduct store-closing sales, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Nov. 14.

Gordon Brothers Retail Partners, LLC will act as the sale consultant. In exchange for its services, Gordon Brothers will receive a fee ranging from 1.5% of gross proceeds to 2.5%, based on the gross recovery percentage.

The sales are being conducted in three phases. Phase-one sales began on Oct. 3 and are expected to end three months from that date. Phase two and phase three dates have not yet been set.

Destination Maternity is a clothing retailer based in Moorestown, N.J. The company filed bankruptcy on Oct. 21 under Chapter 11 case number 19-12256.

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