BTWW Retail LP, a Western and workwear retailer with 124 outlets in 19 states, has filed for chapter 11 bankruptcy protection. It is a portfolio company of Sage Capital and Luther King Capital.
BTWW has retained Clear Thinking Group to assist in the sale of its assets, and recently sold 22 stores to Boot Barn Holding Corp., a portfolio company of Marwit Capital.
Clear Thinking Group LLC, a national advisory firm, has been retained by BTWW Retail, LP (f/k/a Boot Town, Inc.) to assist in the sale of its assets. The Company filed a motion on November 5th seeking approval of a sale process for all of the Debtor’s assets. This motion sets key dates for an auction and a hearing for approval by the US Bankruptcy court. A hearing to approve the proposed Sale/Liquidation Transaction (“Sale Hearing”) is set for November 25th. The company filed for Chapter 11 bankruptcy protection on November 3, 2008 in the United States Bankruptcy Court for the Northern District of Texas.
Mr. Alan Minker, Managing Director of the New Jersey based advisory group, has been retained as the Company’s Chief Restructuring Officer, subject to Bankruptcy court approval. Also retained is Mr. Adam Cook of Clear Thinking Group to assist in finding a going concern buyer, or buyers, for the debtor’s assets. Mr. Cook has been advising the Company since June of this year. “The Company sold 31 stores to Marwit Capital Partners through its Boot Barn portfolio company prior to filing bankruptcy as part of two separate transactions. The Company had some additional interest in selling additional stores just prior to the bankruptcy petition being filed, and we hope to secure a going concern (stalking horse) buyer soon,” Mr. Cook said. The company plans to take bids from potential bidders for all of the company’s assets with a bid deadline designated for November 21st, and has proposed that an auction be held just prior to the Thanksgiving holiday. “We anticipate that this will be a very quick sale process, and we hope to have a buyer or buyers approved by the bankruptcy court by the end of this month,” said Cook.
BTWW Retail, LP is one of the nation’s leading retailers for Western lifestyle and work-related apparel and accessories. The Company operates under five leading brand names: Corral West Ranchwear, Cooper’s Western Warehouse, Boot Town, Western Warehouse, and Job Site. Also under BTWW’s umbrella are three Sergeant’s Western World stores in Texas and two Workwear Depot stores in Milwaukee, WI and Austintown, OH.
About Clear Thinking Group
Clear Thinking Group is a national advisory organization that provides a unique perspective on business opportunities and challenges in a variety of industries such as: consumer product manufacturing, distribution and retail, automotive, entertainment, textiles, and temporary staffing services. For further information, visit the firm’s website at http://www.clearthinkinggroup.com.