The operator of Aerosoles shoe stores won court approval to sell itself to hedge fund Alden Global Capital LLC, a month after scratching its original reorganization plan and sale process, WSJ Pro Bankruptcy reported. Bankruptcy Judge Kevin Carey signed off on the sale on Wednesday, which will see Alden buy Aerogroup International Inc.’s assets for nearly $26.2 million. Aerosoles’ sale to Alden comes after the retailer’s first deal with GBG USA Inc., which licenses brands such as Under Armour and Kenneth Cole, fell through. Judge Carey had signed off on that deal, but Aerosoles’ reorganization plan failed to win key support from the U.S. Trustee and ultimately couldn’t pass muster in court.
