Things Remembered bid procedures OK’d; auction to be held March 4

By Caroline Salls

Pittsburgh, Feb. 21 – Things Remembered, Inc. received court approval of the bid procedures for the proposed $17.5 million sale of most of its business, according to an order filed with the U.S. Bankruptcy Court for the District of Delaware.

Enesco, LLC is the stalking horse bidder.

The company said Enesco intends to operate Things Remembered online, direct mail and business-to-business retail businesses, as well as a portfolio of current stores under the Things Remembered brand, preserving many jobs across Things Remembered stores, home office, fulfillment center and e-commerce operations.

Under the bid procedures, Enesco will receive a $425,000 break-up fee and up to $350,000 expense reimbursement if it is not ultimately the high bidder.

Competing bids are due by 5 p.m. ET on Feb. 28, and an auction will be held on March 4, if necessary.

The initial overbid amount is $825,000, with subsequent bids required to exceed the previous bid by at least $50,000.

The sale hearing is scheduled for March 6. Things Remembered said previously that it is targeting a closing date of March 8.

Things Remembered is a Cleveland-based omnichannel retailer of personalized gifts and merchandise. It filed bankruptcy on Feb. 5 under Chapter 11 case number 19-10234.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.