MISSISSAUGA, ON, Aug. 13 /CNW/ - TBS Acquireco Inc., owner of The
Bargain! Shop ("TB!S") announces today that it has entered into an Asset
Purchase Agreement with PricewaterhouseCoopers Inc., as court-appointed
interim receiver and receiver of SAAN Stores Ltd., to acquire as many as 93 of
the former Saan locations. These stores are located in the Atlantic Provinces
as well as Ontario and Western Canada, and will bring the total number of The
Bargain! Shop stores to over 270 outlets, making TB!S one of the largest
privately owned General Merchandise retailers in the country.
The acquisition is subject to the Receiver obtaining an order from the
Ontario Superior Court of Justice (Commercial List), approving the sale of the
Assets to TB!S and other conditions usual for a transaction of this nature. It
is expected that the closing of the transaction will occur in stages, starting
on August 21, 2008, provided that Court approval has been obtained.
In commenting on the purchase Mr. Michael Roellinghoff, President and CEO
of The Bargain! Shop said: "The acquisition of the former Saan locations is
very positive, not just for our company and the Canadian vendor community, but
also for the towns where Saan has played a very important role over the years.
Our goal is to re-open those stores as The Bargain! Shop locations as soon as
possible, and we're hopeful that many of the former SAAN associates will
consider joining TB!S to help us make that happen.
"TB!S' largest stakeholder is Genuity Capital Partners, a private equity
fund whose expertise has contributed to making our extraordinary growth
possible in what, for most other retailers, has been a somewhat difficult
period", Roellinghoff went on to say. "And our comparable store sales are
trending nicely, because consumers are shopping closer to home and, perhaps
appreciate now more than ever the value offering of TB!S' particular
combination of brand names and low prices."
About The Bargain! Shop
TB!S is a rapidly expanding, Canadian-owned retail chain with over 180
stores, located mainly in smaller communities and neighbourhoods across the
They carry a wide range of brand-name, quality products for the home as
well as grocery items and clothing for the entire family. Their offer is made
up of a combination of everyday basic items available at everyday low prices,
and extra-ordinary opportunity buys; quality products that are available for a
limited time only. For more details visit www.thebargainshop.com
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For further information:
For further information: The Bargain! Shop, Michael Roellinghoff,
President & CEO, email@example.com, (905) 293-9700, (905)
293-7698 Direct; Bill Haust, VP, firstname.lastname@example.org, (905) 293-7670;
Clinton Wolff, VP & CFO, email@example.com, (905) 293-7692