Women’s clothing retailer Coldwater Creek Inc. won bankruptcy court approval of an agreement with liquidators Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC to run going-out-of-business sales at its more than 370 stores starting on May 8, Bloomberg News reported today. Bankruptcy Judge Brendan Linehan Shannon yesterday approved the store-closing deal after Hilco and Gordon won a 32-hour auction, pushed by another liquidator group to substantially improve the initial offer. Hilco and Gordon guarantee a 128 percent return on costs of Coldwater’s merchandise from the sales, based on a value of $90 million to $105 million, court papers show. The liquidators’ original stalking-horse offer guaranteed a recovery of 97 percent.
