Christopher & Banks Corporation filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on January 25, 2021. The debtor seeks the Court’s approval for the sale of substantially all its assets to ALCC, LLC, the stalking horse bidder, 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) pursuant to the letter of intent, dated January 22, 2021. 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 $0.35 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 22, 2021. The sale is expected to close on February 26, 2021.