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NEWS

January 5, 2018
Sale of Eastern Outfitters Selected as Section 363 Sale of the Year (US$100M - $250M) by The M&A Advisor

 

The sale of Eastern Outfitters and its affiliated debtors was announced as winner of the Section 363 Sale of the Year Award (US$100M - $250M). The award will be presented at The M&A Advisor’s 12th Annual Turnaround Awards Gala, to be held on March 21, 2018 in Palm Beach, Florida.

Curtis served as counsel to a contractual joint venture composed of Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC, in connection with its role as store liquidator in Eastern Outfitters’ Chapter 11 cases, captioned as In re EO Liquidating, LLC, et al. (f/k/a Eastern Outfitters, LLC, et al.) (Case No. 17-10243), in the U.S. Bankruptcy Court for the District of Delaware. 

Eastern Outfitters filed for protection under Chapter 11 of the U.S. Bankruptcy Code on February 5, 2017. At the time of filing, Eastern Outfitters’ operating businesses consisted of two regional multi-channel retailers engaged in the apparel, footwear, and sporting goods lines of businesses. Eastern Outfitters commenced the Chapter 11 cases to consummate a sale of substantially all of its assets to Sportsdirect.com Retail Ltd. As part of the sale, various stores designated as non-continuing by the purchaser were liquidated. In that regard, the Hilco/Gordon Brothers joint venture entered into a consulting agreement to act as agent for Eastern Outfitters in conducting the various store-closing sales. 

Serving as counsel to the Hilco/Gordon Brothers joint venture, Curtis successfully resolved objections filed by certain landlords against the motion to approve the consulting agreement and the store-closing sales. Curtis’ role involved drafting, negotiating, and executing numerous side-letters with certain landlords to enable the store-closing sales to proceed.

On April 13, 2017, the Bankruptcy Court entered an order approving the consulting agreement and authorizing Eastern Outfitters to conduct store closings and sales for up to 48 of its 86 retail locations.

Restructuring and Insolvency Chair Steven J. Reisman led a team including Restructuring and Insolvency Partner Cindi M. Giglio and Restructuring and Insolvency Associate Peter J. Buenger.

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