Court clears sale of 50 Below assets

A U.S. Bankruptcy judge approves two companies to buy assets of 50 Below, a technology firm with more than 200 employees based in Duluth, the News Tribune reports. ARI, a Milwaukee-based software company, is buying 50 Below's retail division for $5 million. San Diego-based Emerald Connect is buying 50 Below’s financial services division for $3.5 million.

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Nov 8, 2012

A U.S. Bankruptcy judge approves two companies to buy assets of 50 Below, a technology firm with more than 200 employees based in Duluth, the News Tribune reports.

ARI, a Milwaukee-based software company, is buying 50 Below's retail division for $5 million. San Diego-based Emerald Connect is buying 50 Below’s financial services division for $3.5 million.

50 Below filed for Chapter 11 bankruptcy in August citing liabilities of more than $12 million and estimated assets of no more than $50,000. According to court records, 50 Below owes the IRS about $8.9 million and about $1 million to the state.

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