Archibald selects bidder for Laura Secord
Jun 22, 2004 12:29 PM, from staff and wire reports
Archibald Candy Corp has selected M&M Meat Shops Ltd, a major Canadian retail chain of specialty frozen foods, as the initial bidder in the sale of Laura Secord, one of Canadaís leading marketers and retailers of scooped ice cream, boxed chocolates, and other confectionery items.
Under the agreement, M&M Meat Shops will acquire all of the assets of Laura Secord from Chicago IL-based Archibald and its Canadian subsidiary for an estimated amount of Canadian $25.5 million. M&M Meat Shops has agreed to assume all of Laura Secordís existing leases, supplier and customer arrangements, and employees.
Approval of the transaction is conditional upon the outcome of a formal auction process to be conducted under joint supervision of courts in the United States and Canada. This auction is part of Chapter 11 proceedings initiated in January 2004 by Archibald, Laura Secordís parent company.
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