A group led by OH-based Schottenstein Stores Corp. is
purchasing the bankrupt sports company Starter Corp. for
$46M, according to the INDIANAPOLIS STAR-NEWS. A federal
bankruptcy judge in DE approved Starter's sale yesterday.
In addition to Schottenstein, whose Value City Department
Stores "will receive Starter's inventory," the group
consists of Logo Athletic -- partners with Puma -- Sol
Werdiger of Outer Stuff and Franco Apparel Group and
Parthenon Capital of Boston. Jay Schottenstein: "We're very
excited, and we believe the group that was put together will
take Starter to a higher level ... and make it one of the
pre-eminent brands in the country." The sale is expected to
be completed in 15 days. Last week, Starter Founder,
President & CEO David Beckerman announced his resignation
(STAR-NEWS, 7/15). In CT, Wayne Travers writes that
Beckerman had made a "last-minute" $38M bid to keep the
company going. Beckerman said his rejected bid for existing
inventory and the Starter trademark was meant "to help
employees get their jobs back" (NEW HAVEN REGISTER, 7/15).
