TORONTO, April 25, 2013 /CNW/ - TBS Acquireco Inc., The Bargain! Shop Holdings Inc. and TBS Stores Inc. (collectively, "The Bargain! Shop") announces that pursuant to a Court Order of the Ontario Superior Court of Justice (Commercial List) (the "Court") under the Companies' Creditors Arrangement Act, The Bargain! Shop obtained Court approval for the Court appointed monitor, Ernst & Young Inc. (the "Monitor") to conduct a sale and investor solicitation process (the "SISP").
Pursuant to the SISP, the Monitor, with the assistance of The Bargain! Shop, is soliciting proposals from prospective strategic and financial parties to acquire the property, assets and business of, or to invest in, The Bargain! Shop. The Company's existing secured lenders, Board of Directors, and institutional shareholders are highly supportive of the Company and its management team, and continue to believe in the long-term strategic value of The Bargain! Shop.
The Bargain! Shop operates a chain of 167 corporately owned general merchandise retail stores under "The Bargain! Shop" and "Red Apple" banners. Headquartered in Mississauga, The Bargain! Shop proudly serves Canadians in their own neighbourhoods in small communities across Canada. The retailer carries a selection of fashion and footwear for the whole family, as well as home, food, health & beauty and everyday essentials at value prices.
The SISP contains certain timelines that are required to be met including a requirement that parties who are interested in participating deliver certain information and submit final offers by no later than June 7, 2013.
A copy of the Court Order approving the SISP, as well as a copy of the SISP and related documents, can be found on the Monitor's website at the following link: http://documentcentre.eycan.com/Pages/Main.aspx?SID=266
SOURCE: The Bargain! Shop
For further information:
Interested parties should make inquiries as soon as possible and can obtain additional information by contacting:
Ernst & Young Inc.
Monitor of TBS Acquireco Inc., The Bargain! Shop Holdings Inc. and TBS Stores Inc.
Ernst & Young Tower
200 King Street, Suite 1100
P.O. Box 48
Toronto, Ontario M5K 1J7
Attention: Andrew Schaefer