Stern Partners Acquires Comark's Retail Business and Assets
|Areas||Banking and Finance Law, Corporate Restructuring, Employment and Labour, Private Equity|
Goodmans represented Alvarez & Marsal Canada Inc., the Court appointed Monitor of Comark Inc. (Comark) in connection with the acquisition by Pacific West Commercial Corporation (Pacific West), an affiliate of Vancouver-based Stern Partners Inc. (Stern Partners) of the business and assets of Comark. Financial terms were undisclosed.
Comark obtained an initial Order from the Ontario Superior Court of Justice (Commercial List) on March 26, 2015, granting it creditor protection under the Companies' Creditors Arrangement Act and on April 2, 2015 commenced a sale and investor solicitation process that resulted in an asset purchase agreement with Pacific West.
Comark is one of Canada's leading specialty apparel retailers with approximately 300 stores operating under three divisions: Ricki’s, Bootlegger and cleo. As a result of the acquisition, Comark's retail banners will carry on business as separate affiliates of Stern Partners.