December 11, 2017 11:48 PM ET

Specialty Retail

Company Overview of Sport Chalet Team Sales, Inc.

Company Overview

Sport Chalet Team Sales, Inc. operates sporting goods and bicycle shops. The company was incorporated in 2014 and is based in La Canada, California. Sport Chalet Team Sales, Inc. operates as a subsidiary of Sport Chalet Inc.

One Sport Chalet Drive

La Canada, CA 91011-3314

United States

Founded in 2014

Phone:

818-949-5300

Key Executives for Sport Chalet Team Sales, Inc.

Sport Chalet Team Sales, Inc. does not have any Key Executives recorded.

Sport Chalet Team Sales, Inc. Key Developments

Motion for Asset Sale Approved for Vestis Retail Group, LLC

The US Bankruptcy Court approved the sale of substantially all the assets of Vestis Retail Group, LLC on June 20, 2016. As per the order, debtor has been authorized to sell substantially all its assets to Vestis BSI Funding II, LLC, as per the amended agreement dated May 31, 2016. Buyer is an affiliate of Versa Capital Management, LLC. The buyer will pay $3 million in cash, a credit bid of $35 million relating to the portion of the Third Lien Financing obligations, payoff of all outstanding DIP Financing Obligations, payoff of outstanding First Lien Financing Obligations and outstanding Second Lien Financing Obligations and assumption of a portion of the outstanding Third Lien Financing Obligations and other assumed liabilities. Alexandra D. Korry of Sullivan & Cromwell LLP acted as legal counsel for the buyer.

Bidding Procedure Approved for Miscellaneous Assets of Vestis Retail Group, LLC

The US Bankruptcy Court approved the bidding procedures relating to the sale of certain miscellaneous assets of Vestis Retail Group, LLC on June 3, 2016. As per the order, debtor has been authorized to establish procedures for the sale of miscellaneous assets outside the ordinary course of business. If the sale consideration from a purchaser of the miscellaneous assets does not exceed $0.20 million, on a per-transaction basis, and if the sale is not to an insider the debtors may sell the assets upon providing written notice, via electronic mail or facsimile, to notice parties. Such notice will include a description of the miscellaneous assets that are the subject and the economic terms of such proposed sale. if the sale consideration from a purchaser for the miscellaneous assets, on a per-transaction basis, exceeds $0.2 million but is less than $2 million or if the sale is to an insider the debtors will file with the court a notice and serve such miscellaneous asset sale notice by regular mail on the notice parties. The interested parties shall have 7 days to file objections to the sale. if no written objection is received by the objection deadline, the debtors may consummate the proposed miscellaneous asset sale, without further notice to any other party and without the need for a hearing, upon entry of an order of this court submitted under certification of counsel in accordance with these procedures, and upon entry of such order, such proposed miscellaneous asset sale will be deemed fully authorized by the court. If a written objection to a proposed miscellaneous asset sale is timely received by the objection deadline, the debtors will not proceed with the proposed miscellaneous asset sale unless the objection is withdrawn or otherwise resolved; or the court approves the proposed miscellaneous asset sale at the next regularly scheduled omnibus hearing in these cases that is at least 3 business days after receipt by the debtors of the objection, or at the next omnibus hearing in these cases that is agreed to by the objecting party and the debtors.

Asset Purchase Agreement Approved for Vestis Retail Group, LLC

The US Bankruptcy Court gave an order approving the asset purchase agreement and procedures relating to the sale of certain assets of Vestis Retail Group, LLC on June 2, 2016. As per the order, debtor has been authorized to sell substantially all its assets to DCG Fulfillment, Inc., as per the agreement dated May 31, 2016 for a purchase price of $0.35 million.

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