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Aug 20, 2015
Stern Partners Acquires Comark’s Retail Business and Assets
Pacific West Commercial Corporation (Pacific West), an affiliate of Vancouver-based Stern Partners Inc. (Stern Partners), completed the acquisition of the business and assets of Comark Inc. (Comark), a leading Canadian specialty apparel retailer with over 300 stores across Canada.
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. On April 2, 2015, Comark commenced a sale and investor solicitation process that resulted in an asset purchase agreement with Pacific West. Comark’s business and the vast majority of its Ricki’s, Bootlegger and Cleo stores were sold as a going concern in the CCAA proceedings. As a result of the acquisition, Comark’s retail banners will carry on business as separate affiliates of Stern Partners. A portion of the cash proceeds received by Comark on closing of the acquisition will be used to satisfy amounts owing to the company's secured lender, Salus Capital Partners.
Aird & Berlis LLP represented Salus Capital Partners with a team that included Ken Rosenstein, Sam Babe and Alyssa Keon.
The M&A Advisor recognized this deal as the Cross Border Restructuring Deal of the Year at its