Judge Clears Ultimate Electronics To Liquidate Stores

Law360, New York (February 11, 2011, 7:47 PM EST) -- Ultimate Electronics’ parent companies received bankruptcy court approval Friday to begin conducting going-out-of-business sales at the retail chain’s 46 stores.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware signed an order approving the retention of liquidating consultants to facilitate the sales and greenlighting procedures for the sales themselves, which debtors Ultimate Acquisition Partners LP and CC Retail LLC said will begin Saturday.

The motion also grants the debtors permission to pay bonuses to store managers to keep them in the...
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