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Article Date: February 2017
Word Count: 443

Sports Direct Pays $500,000 Plus $85 MM DIP for Eastern Outfitters

The final asset purchase agreement consideration for the U.K. retail giant to get into the U.S. market will cost just $500,000 in addition to the much-needed $85 million debtor in possession loan that will enable the Eastern Mountain Sports and Bob’s Stores to continue operating. The stalking horse bid also includes a breakup fee of $2,670,000 if Sports Direct is outbid for the assets plus reimbursement of up to $750,000 in expenses. Competing bids are due by Mar. 17, and Eastern said marketing efforts for a higher bid are ongoing, although that seems unlikely as it had already contacted 47 ... Log in to view full article.


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