Bankrupt Big M Drops Auction As Rival's Bid Stands Alone

Law360, New York (May 8, 2013, 6:36 PM EDT) -- With only one bid coming in by the Monday deadline, the bankrupt owner of clothing stores Mandee and Annie Sez asked a New Jersey federal judge on Tuesday to cancel Wednesday’s auction and will seek to have rival clothing retailer YM Inc. named the winner.

Big M Inc. — which does business under the brands Mandee, Annie Sez and Afaze — is looking to get $22 million from its Canadian apparel retailer rival in the deal; $17.5 million for all of Big M’s inventory; and an...
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