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Perfumania reorganization plan gets court approval

Perfumania Holdings Inc., which filed for bankruptcy in August, said Oct. 6 that its reorganization plan has been accepted by the U.S. Bankruptcy Court for the District of Delaware.

Under the plan, which is set to go into effect Oct. 11, the fragrance retailer expects to pay vendors and suppliers in full, and cancel all outstanding shares of its common stock.

However, shareholders will be given the opportunity to receive $2 per share in exchange for completing a shareholder release form.

The company will receive an equity infusion from certain current shareholders and debt holders to make distributions, pay shareholders who submit a shareholder release form, and fund ongoing operations.

Once Perfumania emerges from bankruptcy, it will continue to do business as a private company with a reduced portfolio of retail stores.