Heritage Collegiate Apparel which is commonly known as the MDen filed for Chapter 11 bankruptcy on Friday saying it has up to $50M in liabilities and expects to sell the company. What I didn't know was that U of M owns the term "MDen" and the proposed plan is Legends Global Merchandise to become the official Michigan store moving forward. We expect Legends is planning to purchase Heritage Collegiate Apparel if their debt doesn't outweigh their value.
Legends is a multifaceted sports business firm funded by private equity Sixth Street with minority owners that include the Dallas Cowboys and New York Yankees.