Court OKs Aca Joe Financing Plan
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SAN FRANCISCO — A bankruptcy court judge on Thursday approved a plan to allow United Trend Investment Co. to assume control of Aca Joe in return for bolstering the financially weak clothing retailer with $7.6 million.
Meanwhile, United Trend will continue to work on a more permanent business plan for the San Francisco-based firm that may include the closing of some of its 59 company-owned stores throughout the United States. Fifty additional stores are owned as franchises.
The interim, 90-day financing plan includes $3.6 million in cash to meet operating expenses and $4 million worth of clothes to refill store shelves, said Harry Kraatz, president of Aca Joe.
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