With no other offers on the table, plus-size women's clothing retailer Ashley Stewart said on Wednesday that it plans to cancel a scheduled bankruptcy auction and sell its assets to lead bidder Clearlake Capital Group, the Wall Street Journal reported yesterday. Clearlake, a private-equity firm that specializes in distressed investing, offered $18 million in cash for the company last month. Depending on the value of Ashley Stewart's remaining inventory, the total purchase price could rise to as high as $23 million, according to court filings. The company planned to test Clearlake's offer at an auction this week but received no competing bids by a Tuesday deadline, according to a court filing on Wednesday. In light of that, Ashley Stewart said that it plans to present the final Clearlake sale agreement for court approval at an April 22 hearing.
