September 20, 2008

The operating assets of Ladalow Enterprises are sold

Fussy Cleaners operated a chain of dry cleaning stores in Northern Ohio and was profitable until late 2007, when the company acquired a competitor bringing it up to 40 locations. Unfortunately, this was a very poor acquisition that ultimately, along with the failing health of the owner, caused the company to agree to be placed in receivership. In the course of this case, Inglewood:

  • Oversaw the day-to-day operation of the business;
  • Coordinated the due diligence process with the proposed buyer;
  • Contacted and assessed the prospects that alternative buyers could close a transaction in sufficient time;
  • Dealt with numerous secured and unsecured creditors;
  • Dealt with the numerous landlords for the closed locations, coordinating the removal of equipment and the turnover of the premises;
  • Prepared an analysis for the Court demonstrating how the sale of the operating assets was in the best interest of all stakeholders;
  • Assisted with the sale of the operating assets of the business, which closed three weeks after Inglewood’s initial appointment; and
  • Identified a buyer and sold the non-operating assets of the business.