Selling Jacobson's

By: Associated Press
By: Associated Press

Selling off the Jacobson Stores headquarters may be tough.

Visiting U.S. Bankruptcy Judge David Stosberg on Wednesday approved the sale of Jacobson's properties in Grosse Pointe and Rochester Hills to drugstore chain CVS and Art Van Furniture.

The sale of those and other properties will bring in about $45 million that can be applied toward the more than $222 million debt Jacobson's was carrying when it filed for Chapter eleven bankruptcy protection in January.

A New York attorney representing creditors says the Jackson headquarters, along with two stores in Birmingham and one in Saginaw, were withdrawn from the sale because bids for them weren't high enough.

Jay Indyke says a deal for the Saginaw store is in the works.

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