Le Tote Creditors Need More Info on Bankruptcy Plan, DOJ Says

Le Tote Inc. hasn’t provided enough information about its wind-down bankruptcy plan for creditors to decide whether to support it, a Justice Department bankruptcy watchdog said.

The company’s amended disclosure statement also lacks a liquidation analysis, the U.S. Trustee’s Office said in a Dec. 31 filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

Le Tote, the parent of department store Lord & Taylor, filed the amended Chapter 11 plan and disclosures Dec. 21 after five months of going-out-of-business sales and a $12 million sale of its e-commerce assets to New York investment firm Saadia Group LLC ...