Bankruptcy Update: Eastern Outfitters, Gander Mountain, Payless
Following a week of back room negotiations, Eastern Outfitters received the bankruptcy court’s approval after an Apr. 19 sale hearing to sell its remaining business to Sports Direct. The value of the deal is approximately $105 million, which will pay off all of EO’s first lien debt, $29 million of its second lien debt, which is already held by Sports Direct, the DIP financing, and $500,000 to cover wind-down expenses. The sale marks the second time in a year that the Eastern Mountain Sports and Bob’s Stores parent has gone through Chapter 11. The buyer will be responsible for finishing ... Log in to view full article.