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on February 1, 2011

Townsends receives bankruptcy court approval to sell company

Bids must be made by Feb. 14, auction to be held on Feb. 15

Townsends Inc. has received final approval from the U.S. Bankruptcy Court for the District of Delaware for a $12 million debtor-in-possession financing facility and approval for bid procedures for an auction process to sell the company. 

Townsends filed for Chapter 11 bankruptcy in December. Bids on the company will be accepted until Feb. 14, with an auction taking place on Feb. 15.

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