CORRECTED: Deb Shops Agrees To Ch. 11 Sale To Lenders

Law360, New York (June 27, 2011, 3:58 PM EDT) -- Women's apparel retailer Deb Shops Inc. on Sunday said it agreed to be bought out by senior lenders led by a unit of private equity firm Cerberus Capital Management LP through a Chapter 11 auction process.

Deb Shops, now a unit of Lee Equity Partners LLC, filed for bankruptcy protection in Delaware and said that it would continue to operate as normal. The company added that the bankruptcy filing and sale to Ableco Finance LLC-led group was a bid to strengthen its financial health.

"Today's announcement...
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