CTSW Assists Joint Venture With Winning Bid to Liquidate Remaining RoomStore Locations

CTSW represented Planned Furniture Promotions, Inc. (PFP) and a joint venture in a bankruptcy auction for the right to liquidate the remaining 20 RoomStore locations in Maryland and Virginia. Over $20 million of inventory is expected to be liquidated during the liquidation sale. CTSW's corporate and bankruptcy practice groups assisted with the negotiation and drafting of the Agency Agreement and Bankruptcy Court Order, and worked on real estate issues and other aspects of the transaction. The joint venture is comprised of PFP, Hilco Merchant Resources, LLC, SB Capital Group, LLC and Tiger Capital Group, LLC.  The transaction was approved by the United States Bankruptcy Court, Eastern Division of Virginia (Richmond), Case No. 11-37790.