Destination Maternity Corporation filed a modified motion in the US Bankruptcy Court for the sale of substantially all its assets on November 29, 2019. The debtor seeks the Court’s approval for the sale of its substantially all its assets to Marquee Brands, LLC, the stalking horse bidder, for a purchase price of $50 million in cash pursuant to the asset purchase agreement, dated November 29, 2019. To qualify as a qualified bidder, interested parties should submit their bids along with good-faith deposit in the amount of $5 million. The debtor have proposed an open auction and sale process. The stalking horse bidder would be entitled to a break-up fee of 3.5% of purchase price and expense reimbursement of $0.75 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for December 12, 2019. The sale closing shall be scheduled on December 20, 2019.