Women's clothing retailer Dots is preparing to sell its roughly 370 stores at a Feb. 26 auction, the Wall Street Journal reported today. According to court papers, the struggling chain got permission from bankruptcy Judge Donald H. Steckroth to set a Feb. 25 bid deadline for potential buyers. Dots officials haven't named a lead bidder for the auction. The Ohio-based chain, which employs more than 3,500 people, filed for chapter 11 protection on Jan. 20 after losing shoppers when the quality of the chain's merchandise declined under prior management. In earlier court papers, former Chief Executive Lisa Rhodes said that the company has new leaders and fresh merchandise that will enable the company to "thrive as a profitable player in the retail market."
