Court Orders Closed Stores to Reopen and Begin Liquidation Sales
A bankruptcy court ordered Cleveland, Ohio-based InkStop Stores, a nationwide retailer that abruptly went dark and locked employees out of its stores in October, to re-open and begin liquidation sales so it could return money to its creditors.
The bankruptcy court order directs Liquid Asset Partners LLC and Solid Asset Solutions LLC to sell millions of dollars of inventory and equipment owned by InkStop. The liquidation firms were charged with re-opening the sale sites in a very few short days. They cut deals with landlords and worked with utility companies to get heat and electricity turned on. Some stores even held sales without heat or electricity, due to delays with utility companies.
The court order says that everything must be sold through the retailer’s 27 locations.