Ashley Stewart Parent Plans Asset Sale In Ch. 11

Law360, New York (September 21, 2010, 6:55 PM EDT) -- Women's clothing company Urban Brands Inc., which owns the Ashley Stewart brand, filed for Chapter 11 protection Tuesday, saying it would seek to sell substantially all its assets to the highest bidder.

The company filed its petition in the U.S. Bankruptcy Court for the District of Delaware, listing assets of between $10 million and $50 million and liabilities between $100 million and $500 million, and blaming the down economy for its economic misfortunes.

More than 50 affiliates filed for bankruptcy protection along with Urban Brands, according...
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