Francesca’s Wins Court Approval of IP Sale to Altar’d State (1)

Bankrupt women’s specialty retailer Francesca’s won court approval of a $7 million sale of its intellectual property to Stand Out For Good Inc., the owner of faith-based clothing retailer Altar’d State.

Stand Out was selected as the buyer after an auction was canceled because no other qualified bids came in, Francesca’s attorney Vincent Roldan of Mandelbaum Barrett PC said during a Thursday hearing in the US Bankruptcy Court for the District of New Jersey.

Objections to the sale were resolved before the hearing, Roldan said.

A committee of unsecured creditors reached an agreement with Francesca’s over the timing of payments ...