Receiver for Dry Cleaning Chain Involving Sale and Liquidation of 40 Locations
This was a chain of over 40 dry cleaning locations that fell on hard times because of a significant, failed acquisition and the very poor health of the owner. Inglewood was engaged and the company was placed into receivership on August 29, 2008. Inglewood quickly assessed the situation, evaluating the potential alternatives and identifying additional potential buyers for the business. Inglewood determined that a previously identified potential acquirer was in fact the best option to be able to provide the highest and best bid. The sale of the remaining 10 sustainable locations was closed on September 20, slightly over three weeks after the commencement of the receivership. Subsequently, the non-sustainable locations were liquidated and returned to the landlords. Several landlords expressed appreciation for the way that Inglewood handled their concerns. The secured lenders were nearly paid in full and almost 100 jobs were preserved.