Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Perfumania Bankruptcy Sale Approved

0
0

The U.S. Bankruptcy Court issued s final order approving Perfumania Holdings’ motion to assume an agency agreement, to sell certain assets through store closing sales, authorizing customary bonuses to employees at closing business locations; waiving compliance with contractual store closing sale restrictions and authorizing the Debtors to abandon certain unsold property.

As previously reported, “The Company solicited bids from four national liquidation firms: Hilco Merchant Resources, Great American Group, Gordon Brothers Retail Partners and Tiger Capital Group. As a guaranty of the Agent’s performance under the Agency Agreement, in addition to payment of the Expenses, Agent will guarantee that the Merchant shall receive 68.3% (the ‘Guaranty Percentage’) of the aggregate Cost Value of the Merchandise (the ‘Guaranteed Amount’), subject to certain inventory level and cost factor adjustments.”

In addition, “The Guaranty Percentage has been fixed based upon the aggregate Cost Value of the Merchandise included in the Sale being not less than $4,500,000 and not more than $4,700,000 (the ‘Merchandise Threshold’) as of the Sale Commencement Date and the Cost Factor Threshold being equal to 29.6%. Sale of FF&E Agent shall sell all FF&E at the Stores owned by Merchant pursuant to a commission structure whereby Agent shall be entitled to receive a commission equal to 17.5% of the gross proceeds (net only of sales taxes) from the sale of any FF&E.”

Read more Perfumania bankruptcy news.

The post Perfumania Bankruptcy Sale Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images