By popular request … A source close to the situation gave me the following update on Whitehall:
– At last night’s auction, which ended at about 4 in the morning, Gordon Brothers, a liquidator, had the highest bid. However, the company may or may not accept the bid. And even if the bid is accepted, some stores may still be sold off.
– Australian company Michael Hill is said to be interested in 17 stores, in the Midwest.
– Indian company Gitanjali, owner of Samuels, is said to still be interested in picking up some stores.
– A possible settlement is in the works for the consignment issues, because despite the judge’s ruling on Monday, the issue of “perfection” has still not been completely settled.
My source feels some store closings are inevitable. But things are still extremely fluid. And of course, the court has to approve everything.
Finally, I have absolutely no info on which specific stores may be saved, other than what I just wrote. We will all just have to wait and see.
UPDATE: See story on main site.
UPDATE TWO: The latest from Gitanjali here.
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