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Wickes' store lease auction set for today

By Furniture Today Staff -- Furniture Today, March 9, 2008

Wilmington, Del. — A March 10 auction has been scheduled for the store leases of the bankrupt Wickes Furniture chain.

Under terms of a plan approved Monday in U.S. Bankruptcy Court here, bidders were due to submit proposals by March 7, at which time objections to the sale process also had to be filed.

The day after the auction, the court has scheduled a hearing to approve the sale to the winning bidder. The winner will obtain the rights to the leases on the Top 100 chain's 43 stores in greater Chicago, Los Angeles, Las Vegas and Portland, Ore.

Two weeks ago, the court approved a liquidation plan for the Top 100 chain, and going-out-of-business sales already have begun at most locations. The court is auctioning the store leases separately from the inventory at the urging of Wickes' unsecured creditors committee.

Wheeling, Ill.-based Wickes filed for Chapter 11 protection on Feb. 3.

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