Freebird, the 16-year-old Denver-based bootseller that grew to 20 stores before being brought to its knees by a severe liquidity crisis and taken over by a court-appointed caretaker who closed nearly all of its locations, has been sold.

On Thursday, Judge Jill Dorancy signed off on the $500,000 sale to Yasser Elshair of Arizona’s Elshair Cos., a private equity firm. Last year, Elshair bought The Pro’s Closet, a local retailer of pre-owned bicycles, “ out of left field ” as it was winding down operations.

Elshair was the lowest bidder for Freebird and the company initially opposed his purchase. Last month, Freebird asked Dorancy to instead let AOL Sourcing Group in Philadelphia buy it. AOL was willing to pay $1 million, plus $3.3 million for inventory, and close sooner.

“Because the rece

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