Crown Acquisitions may get piece of bankrupt plus-sized retailer

TRD New York /
Oct.October 26, 2010 06:30 PM

Stanley Chera and 666 Fifth Avenue

Stanley Chera’s retail-focused Crown Acquisitions could gain a stake in the new owner of bankrupt retailer Urban Brands, operator of the plus-sized Ashley Stewart clothing stores.

A source close to the deal said Crown Acquisitions was a “special advisor” to the Boston-headquartered buyer, Gordon Brothers Group, which won a bankruptcy auction this morning in Delaware for the assets of Urban Brands.

Midtown-based Crown Acquisitions, which has an ownership interest in prominent properties such as the retail condominium at 666 Fifth Avenue in Midtown, could end up with a management or equity ownership piece of the company.

Crown Acquisitions did not respond to a request for comment.

Urban Brands, based in New Jersey, operates more than 200 stores and filed for bankruptcy in September, claiming assets of between $10 million and $50 million and liabilities of between $100 million and $500 million.

Gordon, which did not respond to a request for comment, had the first bid that set the floor for pricing, known as the stalking horse bid, court records show, but no price was announced.

 

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