On Friday, the Official Committee of Unsecured Creditors appointed in the chapter 11 bankruptcy cases of Signature Styles, LLC and Signature Styles Gift Cards, LLC filed its initial pleadings responding to the companies' plans to sell all of their assets to an affiliate of their current owners, who are also affiliates of, among other things, their senior secured creditors and DIP lenders (all of whom are affiliated with Patriarch Partners). The Committee's pleadings also address the companies' decision to stop honoring their outstanding gift cards and merchandise credits owing to customers - a decision which the Committee calls "shocking" and sure to "negatively impact the public perception of this company and alienate its customer base." The debtors operate a catalog and internet retailer specializing in women's apparel and accessories sold under the Spiegel, Newport News and Shape Fx brands.
Read the rest of this article in the attached document or by visiting our blog: http://blog.ch11cases.com/2011/06/signature-styles-spiegel-newport-news_28.html
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