Sterling Shoes Announces Sale to Town Shoes Press Release
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/16/12 -- Sterling Shoes Inc. announced today that its wholly-owned subsidiary, Sterling Shoes GP Inc. (general partner of Sterling Shoes Limited Partnership ("Sterling LP")) and Sterling LP have entered into an agreement (the "Purchase Agreement") with Town Shoes Limited ("Town Shoes") pursuant to which Town Shoes has agreed to acquire the majority of the assets of Sterling LP including a substantial portion of Sterling's retail locations operating under the Sterling Shoes, Shoe Warehouse and Freedman banners for a purchase price of $17.5 million, subject to certain adjustments (the "Transaction"). The Transaction is subject to the terms and conditions set out in the Purchase Agreement, including a requirement to obtain the approval of the British Columbia Supreme Court (the "Court") under the Companies' Creditors Arrangement Act (the "CCAA"). The Transaction is currently expected to close on or about May 22, 2012.
"I believe that achieving this agreement presents the best possible outcome for the business," said Dave Alves, President and CEO of Sterling Shoes LP. "By leveraging the core strengths of the unified organizations we create significant opportunities for the business, employees and ultimately the customer. As a collective portfolio of Freedman Shoes, Shoe Warehouse, Sterling Shoes, The Shoe Company, and Town Shoes, we are excited to be a part of the largest branded footwear retailer in Canada."
Alan Simpson, CEO of Town Shoes said, "We are very excited to welcome Sterling to the Town Shoes family. We look forward to growing the business with Dave and his team and are confident that together the combined company will go on to great success."
As previously announced, pursuant to orders of the Court made under the CCAA, Sterling was granted certain protections under the CCAA. Alvarez & Marsal Canada Inc. has been appointed Monitor pursuant to such orders. All inquiries regarding the CCAA proceedings affecting Sterling should be directed to the Monitor at or by contacting Tom Powell of A&M at: (+1) 604-639-0846. Capital West Partners has acted as financial advisor to Sterling in connection with the Transaction.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release, including statements regarding the timetable completion of the Transaction, results of the Transaction for the Business, obtaining approval of the Court, may constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. The forward looking statements contained herein are based on certain assumptions including assumptions regarding the time required to complete the Transaction, the ability of Sterling to obtain court approval of the Transaction. When used in this press release, such statements often use, but are not limited to, such words as "may", "will", "expect", "should", "believe", "intend", "plan", "anticipate", "potential", and other similar terminology. Although the forward-looking statements contained in this press release are based upon management's reasonable assumptions, Sterling cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and Sterling assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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Contacts:
Sterling Shoes Inc.
Daniel S. Gumprich
(604) 270-6114
(604) 278-7751 (FAX)
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Datum: 16.04.2012 - 16:30 Uhr
Sprache: Deutsch
News-ID 1103473
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