G+G was a national retailer specializing in the sale of young women's and girls' clothing and fashion apparel. Prior to filing for bankruptcy, G+G had stores and outlets leased throughout 48 states, Puerto Rico, and the Virgin Islands, and a distribution center in New Jersey. Shortly after filing, G+G obtained court approval for a sale of substantially all of its assets as a going concern. Thereafter, the bankruptcy court confirmed G+G's chapter 11 plan of liquidation approximately 11 months after the petition date. The liquidating trustee anticipates that creditor recoveries will be approximately 50% on the dollar. This outcome is outstanding in light of the fact that at the petition date the company was on the verge of administrative insolvency.
