Canadian Rival Offers $22M For Bankrupt Big M

Law360, New York (April 8, 2013, 8:29 PM EDT) -- The owner of Mandee and Annie Sez clothing stores, which says it was driven into Chapter 11 in January because of Hurricane Sandy, asked a federal bankruptcy judge Saturday to approve a $22 million stalking-horse bid from Canadian apparel retailer YM Inc.

The deal, sealed between the two companies Friday, calls for an up-to $17.5 million price tag to purchase Big M Inc.’s inventory, and up to an additional $5 million for other assets including intellectual property, leases and contracts, according to the motion in U.S....
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