Court clears way for sale of Brooks Brothers Canada assets to SPARC Group LLC



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© Provided by The Canadian Press


TORONTO — An Ontario Superior Court judge has granted an order adding Brooks Brothers Canada Ltd. to its parent company’s U.S. bankruptcy proceedings, paving the way for the sale of the luxury clothing retailer’s Canadian assets. 

The order, issued by Justice Glenn Hainey under the cross-border insolvencies section of the Companies’ Creditors Arrangement Act, allows Brooks Brothers Group Inc. to act as the Canadian retailer’s foreign representative.

It also recognizes the U.S. Bankruptcy Court Chapter 11 restructuring process as the foreign main proceeding and grants a stay against debtors. 

The court approval clears the sale of the 202-year-old clothier’s Canadian assets — mainly inventory — to SPARC Group LLC, which purchased Brooks Brothers and its subsidiaries and affiliates for $325 million last month.

SPARC, which stands for Simon Properties Authentic Retail Concepts, is a joint venture between Authentic Brands Group and Simon Property Group.

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The Patents and Related Intellectual Property Assets of Mavatar are For Sale

NEW YORK, Sept. 24, 2020 /PRNewswire/ — Hilco Streambank, a leading intellectual property advisory firm specializing in the valuation and sale of intangible assets, is selling the intellectual property assets of Mavatar (the “Company”) on behalf of Lynn Schoenmann, as chapter 7 trustee (the “Trustee”), including the patents, trademarks, domain names and source code for the Mavatar platform software. Offers are due October 13, 2020, and an auction will be held on October 15, 2020. The sale is subject to approval of the United States Bankruptcy Court for the Northern District of California, which is overseeing the Company’s chapter 7 bankruptcy case.

Mavatar created mobile and web applications which provide solutions for retailers, influencers and consumers. It offered mCart by Mavatar, a platform-as-a-service and omnichannel marketplace powered by blockchain that facilitates the creation of shoppable content, tracks sales and marketing dollars, and makes micro-payments to

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