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Burlington back on block

By Furniture Today Staff -- Furniture Today, March 16, 2003

Greensboro, N.C. — Burlington Inds. says it is planning to take bids from potential buyers with the goal of emerging from Chapter 11 bankruptcy this summer.

A federal bankruptcy court here approved the auction plan after Berkshire Hathaway withdrew a $579 million cash bid for the company. Berkshire pulled out when the bankruptcy judge disallowed a proposed $14 million breakup fee that Berkshire wanted Burlington to pay if the deal didn't work out.

The deadline for bids is May 28 and an auction is set for June 3. Results of the auction will be considered at a hearing June 12.

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