CTSW Client Wins Auction to Liquidate Stores of a Top 100 Furniture Company

CTSW represented Planned Furniture Promotions, Inc. (PFP) in an auction for the right to liquidate 18 stores of RoomStore Inc., a 63-store furniture retailer that filed a Chapter 11 petition. After spirited all-day bidding, PFP and its joint venture partners, including Hilco Merchant Resources LLC, SB Capital Group LLC, and Tiger Capital Group LLC, prevailed. CTSW's corporate and bankruptcy practice groups worked together with PFP and its joint venture partners on the Agency Agreement, Bankruptcy Court Order, real estate issues and other aspects of the transaction. The transaction was approved by the United States Bankruptcy Court, Eastern Division of Virginia (Richmond), Case No. 11-37790.