SulmeyerKupetz represented Pegasus Trucking, LLC in its acquisition of certain tangible assets, intellectual property and the inventory of approximately 81 stores, plus the assignment of the real property leases of those stores, and the purchase of lease designation rights for the balance of the 184 discount store locations.
While the balance of the Debtors’ stores’ inventory is being liquidated in a separate transaction, the Pegasus purchase permitted for the continuation of a once profitable discount retail business, and will preserve approximately 2,000 jobs for people employed personnel, plus additional corporate and sales personnel.
SulmeyerKupetz oversaw the entire transaction, from preparation and submission of a bid in the Chapter 11 cases, to winning the designation as the successful bidder, working with Debtors, various creditors and landlords and handling the assumption and assignment of certain designated leases and designation rights on all other non-residential leases on the remaining 184 stores, to the final closing of the transaction. The entire sale from start to finish was completed in slightly more than two weeks, and was approved by Judge Silverstein on October 12, 2018.
