TORONTO, July 15, 2013 /CNW/ - TBS Acquireco Inc., The Bargain! Shop
Holdings Inc. and TBS Stores Inc. (collectively, "The Bargain! Shop") announces the completion of the previously announced sale of its
assets and business to Red Apple Stores Inc., a wholly owned subsidiary
of BlackRock Kelso Capital Corporation ("BlackRock Kelso"). The consummation of the transaction will result in the sale of The
Bargain! Shop's business on a going-concern basis and the preservation
of approximately 1800 jobs, continued supplier and landlord
relationships and continued business activity across Canada.
The Bargain! Shop previously announced the selection of the going
concern offer from BlackRock Kelso on June 13, 2013, following
completion of a sale and investor solicitation process conducted by
Ernst & Young Inc. in its capacity as Court appointed monitor of The
Bargain ! Shop (the " Monitor").
A copy of the Court Order approving the transaction and related
documents, can be found on the Monitor's website at the following
Red Apple Stores Inc., a wholly owned subsidiary of BlackRock Kelso
Capital Corp, operates a chain of 165 corporately-owned value retail
stores, under The Bargain! Shop and Red Apple banners. Headquartered
in Mississauga, The Bargain! Shop and Red Apple stores have proudly
served Canadians in neighbourhoods and small communities across Canada,
with a longstanding heritage of friendly service, warm store
environment and strong neighbourhood connection. Our general
merchandise stores provide a selection of fashion and footwear for the
whole family, home, food, health & beauty and everyday essentials, all
at great value prices. More information about our banners can be found
at www.tbsstores.com or www.redapplestores.com.
SOURCE: Red Apple Stores Inc.
For further information:
Ernst & Young Tower
200 King Street, Suite 1100
P.O. Box 48
Toronto, Ontario M5K 1J7
Attention: Andrew Schaefer