Life Uniform, based in St. Louis, listed assets and debt of as much as $50 million each in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. Affiliates Healthcare Uniform Co. and Uniform City National Inc. also sought protection.
“The debtors have determined in consultation with their advisers that the value of the debtors’ estates is likely to be worth substantially more as a going concern than in liquidation,” Robert Frezza, Life Uniform’s chief restructuring officer, said in court papers filed today. The company retained Morgan Joseph TriArtisan LLC to explore a sale.
Scrubs & Beyond, founded in 2000, agreed to be the lead bidder at a court-supervised auction with an offer of about $22.6 million. The bid may be topped at auction and any sale requires court approval.
Life Uniform was acquired by an affiliate of private-equity firm Sun Capital Partners Inc. in 2004.
The case is In re Life Uniform Holding Corp., 13-11391, U.S. Bankruptcy Court, District of Delaware (Wilmington).
To contact the reporter on this story: Dawn McCarty in Wilmington at email@example.com