Women’s apparel retailer files motion for sale of assets

Joyce Leslie on Monday announced that it filed a motion on January 14th for court approval to set bid procedures and an auction date for a sale of most of its assets.



The young women’s fashion retailer had previously announced that it had filed a voluntary petition under Chapter 11 on Jan. 9.



"This is a still an iconic brand that does over $60 million in revenue and it is our continued hope that we can find a going concern buyer for the company,” said Lee Diercks, chief restructuring officer of the company. “There is still a very loyal customer base to this brand and if the company were properly capitalized, and with a few changes, I believe this chain could still be very successful."



Diercks had previously stated that the Chapter 11 filing was the result of continuing sales declines over the past four years, which he credited to the “extreme competition in the sector, a lack of an e-commerce platform, and a shift in the consumer buying patterns.



Diercks anticipates that an auction would occur sometime in the first week of February.