Shoes for Crews files bid procedures, lines up $290 million credit bid

By Sarah Lizee

Olympia, Wash., April 9 – Shoes for Crews, LLC is seeking approval of bid procedures for its assets, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company is also seeking approval of a stalking horse agreement with its prepetition first-lien lenders. The proposed purchase price includes a $290 million credit bid of debtor-in-possession financing debt and prepetition first-lien debt.

The proposed timeline includes a bid deadline of May 17, a May 21 auction and a May 31 sale hearing.

The Boca Raton, Fla.-based company filed bankruptcy on April 1 under Chapter 11 case number 24-10663.

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