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Store closing or liquidation sales are a routine part of Chapter 11 cases involving retail debtors. These sales are consistently authorized by bankruptcy courts, despite lease provisions purporting to forbid them. See, In re R.H. Macy & Co., 170 B.R. 69, 77 (Bankr. S.D.N.Y. 1994). The sales are usually conducted in accordance with “sale guidelines” proposed by the debtor for court approval. Moreover, bankruptcy courts can authorize store closing sales that would otherwise violate state and local laws since federal bankruptcy law may preempt laws that contravene the underlying policies of the Bankruptcy Code. See, In re Shenango Group, Inc., 186 B.R. 623, 628 (Bankr. W.D. Pa. 1995).
By Alan Nochumson
Part One of a Two-Part Article
When entering into a lease for commercial space, there are some items that should not be overlooked. Landlords and tenants alike should make sure that the following things are addressed in the lease, one way or another.
By Ira Fierstein and Michelle Palka
An Illinois Appellate Court recently ruled in favor of a commercial tenant after a new owner acquired a commercial building and attempted to collect accrued unpaid rent owed to the previous landlord.
By Albena Petrakov
With the recent carnage in the retail industry, including Sears and many other retailers of all shapes and sizes, a lot of attention goes to the fate of landlords when their tenants seek bankruptcy protection.
First Court’s Lack of Jurisdiction over Cause of Action Means Second Action Is Not Barred