A U.S. Bankruptcy judge has approved the bidding procedures for the sale of S&K Famous Brands Inc.
The Henrico County-based menswear retailer has a deal with liquidation specialist Hilco Merchant Resources that guarantees the company $7.9 million for its assets. The process is now open to higher bids.
Interested bidders have until Friday at 5 p.m. to submit offers. If a higher bid is made, there will be an auction next Tuesday.
The parties will come back to court May 20 for a sale hearing.
If Hilco is the winning bidder, it could liquidate S&K. However, there is a provision in the contract between the two companies that allows Hilco to buy the company and keep it running in some form, but it must inform the court by Friday.
S&K, which currently operates 105 stores, filed for bankruptcy in February.
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