Short Take: Neostar to liquidate assets
NeoStar, a retail computer software chain that operates in the United States and Canada under the names Babbage's and Software Etc., said it is seeking the authorization of the U.S. Bankruptcy Court to liquidate its assets. The company said lenders and its director and shareholder failed to reach an agreement on the terms of a financing transaction. NeoStar plans to auction off its assets and vendors have been notified to stop shipping new inventory, as reported by Reuters.
NeoStar, a retail computer software chain that operates in the United States and Canada under the names Babbage's and Software Etc., said it is seeking the authorization of the U.S. Bankruptcy Court to liquidate its assets. The company said lenders and its director and shareholder failed to reach an agreement on the terms of a financing transaction. NeoStar plans to auction off its assets and vendors have been notified to stop shipping new inventory, as reported by Reuters.