The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Christopher & Banks Corporation on February 2, 2021. The Court approved the letter of intent between the debtor and ALCC, LLC, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $11.52 million (8.1 million of term loan payable, $0.07 million for unused and accrued “paid time off” or “PTO”, $0.95 million for the debtors’ obligations for “IBNR”, $2.4 million for post-petition obligations to Radial, cure costs associated with assumed contracts and leases and agent open purchase orders for additional agent goods). To qualify as a qualified bidder, interested parties should submit their bids by February 17, 2021, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be at least $0.65 million more than the initial purchase. The debtor has scheduled an auction on February 19, 2021. At the auction, the subsequent bids would be in increments of $0.25 million. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement of $0.30 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 23, 2021.