The approval came despite an unusual request by thecreditors committee to let several prospective buyers perform due diligence onthe retailer with an eye towards making a sale. The judge denied the request,saying that the Copeland family’s investment of $5 million should allow it tocontinue to have an exclusivity period to file a reorganization plan and alsonoting that selling the company prior to the holiday season would not maximizevalue.

The identity of the proposed buyers wasn’t disclosedin the hearing, but earlier filings do suggest that Gart Capital, the venturearm of the Gart family in Denver, might have been one of the interestedparties. ... Log in to view full article.