Filing Alert: Ashley Stewart Chapter 11

Update (Dec. 18, 2025): A comprehensive case summary is now available for the Chapter 11 bankruptcy filing of Ashley Stewart, Inc.

Ashley Stewart, Inc., a Secaucus, NJ-based plus-size women’s apparel retailer, filed for Chapter 11 protection on Dec. 17 in the U.S. Bankruptcy Court for the District of New Jersey.

The filing was authorized by a newly reconstituted board to challenge a "disputed" November 2025 UCC Article 9 foreclosure sale of the company's assets to G Ashley Inc., an entity allegedly controlled by former insider management.

The debtor asserts the sale, orchestrated by senior lender Wingspire Capital, was "tainted by insider misconduct," undervalued the assets, and improperly excluded bona fide higher offers. The debtor, which is currently non-operating but retains control over critical bank accounts and financial infrastructure, intends to file an adversary proceeding to void the sale and recover the assets for the benefit of creditors.

Ashley Stewart, Inc. reports $10 million to $50 million in assets and $50 million to $100 million in liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-23314.

Top Unsecured Claims

Key Parties

Counsel:

• Sari B. Placona
  McManimon, Scotland & Baumann, LLC
  Email: [email protected]

Signatories:

• Ram Ajjarapu – Director

Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.

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