The operator of shoe retailer Aerosoles is suing the company that threw its bankruptcy process into a tailspin earlier this year, WSJ Pro Bankruptcy reported. Aerogroup International Inc. filed for bankruptcy protection in September, a victim of intense competition and the troubled retail environment. Shortly after filing, it inked a deal to be acquired by GBG USA Inc. GBG is the company behind Global Brands Group,the owner of licensing rights to such high-profile brands as Under Armour and Kenneth Cole. However, despite the court’s approval of the sale, “just 11 minutes … without any warning” before Aerosoles’ confirmation hearing in January, GBG terminated its asset purchase agreement to acquire Aerosoles, according to court papers filed on Thursday. The sale to GBG was the “centerpiece” of the reorganization plan, court papers show. “The sudden termination left the debtors’ estates on the precipice of administrative insolvency,” court papers said.
