But Woodies filed Chapter 11 in January 1994, and the deal has to go before the bankruptcy court for approval in late July.
For instance, a discounter is expected to join the bidding process for Woodies locations when the deal is presented to the bankruptcy court, one source said.
Now that a price has been established and Woodies has shown it is will to break up the chain, I expect there to be a renewed interest and other bids for various locations," the source said.
After decades as coveted luxury vehicles and status symbols, pre-owned woodies could be spotted along California's coast during the 1960s and 1970s.
Classic woodies were some of the most sought after cars in America both pre and post war," added Steve Davis, president of Barrett-Jackson.
And last March, when chairman and chief executive, Robert Mang, said Woodies would try to distinguish itself in an effort to merchandise its way out of Chapter 11, he was talking about the apparel business.
has good things to say about Woodies in the home furnishings business.