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Deb Shops, the once-popular teen fashion retailer, won court approval on Wednesday to begin going-out-of-business sales for nearly 300 stores, according to The Wall Street Journal.
A deal was reached at an auction on Tuesday that final inventory, furniture, fixtures and equipment will be sold with liquidators Hilco Merchant Resources and Gordon Brothers Retail Partners.
The liquidators will pay 82 percent of the cost of inventory, down from the 98.25 percent that was originally offered. The lower percentage means an almost $7 million loss for creditors.
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The arrangement with the liquidators is projected to pay off PNC Bank and cover rent costs for the month of December, a debt estimated at $3.3 million.
Deb is postponing the sale of intellectual property and has decided to take more time to sell its leases.
Other teen retailers, such as Wet Seal and Delia's, faced similar economic difficulties in 2014. Wet Seal has laid off about 3,700 employees and has begun the closure of 338 stores. Delia's filed for Chapter 11 bankruptcy last month.