DESTINATION MATERNITY CORPORATION (NASDAQ:DEST) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement
As previously disclosed, on October 21, 2019, Destination Maternity Corporation (the Company) and certain of its subsidiaries (together with the Company, the Debtors) filed voluntary petitions (the Bankruptcy Petitions) for reorganization under Chapter 11 of the United States Bankruptcy Code (the Bankruptcy Code) in the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court). The Debtors Bankruptcy Petitions are jointly administered under the caption In re: Destination Maternity Corporation, et al. Bankruptcy Court filings and other information related to the Bankruptcy Petitions are available at a website administered by the Companys claims agent, Prime Clerk, LLC, at http://cases.primeclerk.com/DestinationMaternity. Documents and other information available on such website are not part of this Current Report on Form 8-K (the Form 8-K) and shall not be deemed incorporated by reference in this Form 8-K.
On November 29, 2019, the Company and certain of its subsidiaries (together, the Sellers) agreed to submit to the Bankruptcy Court for approval a form of Asset Purchase Agreement with Marquee Brands, LLC (Buyer), to which Buyer agreed to acquire from the Company the Companys e-commerce business, intellectual property, store-in-store operations, and the right to designate the sale of certain inventory and related assets (the Going Concern Transaction). On December 13, 2019, the Bankruptcy Court entered an order authorizing and approving the Going Concern Transaction to the Asset Purchase Agreement (the Sale Order), which is filed as Exhibit 99.1 hereto and incorporated herein by reference. On December 20, 2019, the Sellers and Buyer entered into the Asset Purchase Agreement (the Asset Purchase Agreement) that is filed as Exhibit 2.1 hereto and incorporated herein by reference.
All capitalized terms used and not defined in this Form 8-K have the meanings ascribed to them in the Asset Purchase Agreement.
The Going Concern Transaction involves the sale of the following assets by the Sellers:
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