Highlights of Credit and Finance

Insolvency And Auction For Chapel Hill’s Southern Season

Chapel Hill-based gourmet food retailer Southern Season was auctioned off today in US Insolvency Court in Greensboro, before Judge Benjamin Kahn.

Calvert Retail of Delaware obtained particular possessions of Southern Season shops for $3.5 million. The acquisition consists of all of Southern Seasons intellectual homecopyright, its website and the Chapel Hill store.

Calvert Retail presently has Kitchen amp; Business and Reading China amp; Glass shops in Delaware, Pennsylvania, New Hampshire, South Carolina and North Carolina.

It was only two weeks ago that our business understood the sale was possible, said Calvert Retail Owner Eric Brinsfield, in a composed statement. Today, we are eagerly anticipating learning and understanding everything that makes Southern Season so unique in this market.

Southern Season worked hardstrove to be the Souths leading destination for gourmet and specialized food, gifts and cookware. The flagship, 60,000-square-foot emporium in Chapel Hill was the best play area for location foodies. An online video boasts more than 5,000 exceptional wines and 283 unique hot sauces.

Insolvency court filings show Southern Season with $9.8 million dollars in assets and more than double that in liabilities – and vendors desire their loan. Southern Season fileddeclared Chapter 11 Insolvency back in June, pledging to maintain its personnel and concentrate on its smaller Taste of Southern Season stores and online company. Southern Season owners stated they had actually intended to come out of personal bankruptcy proceedings by December 2016.

Besides the Chapel Hill store, there are smaller sized Taste of Southern Season stores in Raleigh, Charleston and a newly opened 2,000-square foot shop in Ashevilles popular Biltmore Town. Calvert Retail said in a statement it will shut down these stores as part of the sale.

Brinsfiled stated, there are no immediate strategiesprepare for making modifications at the Chapel Hill area because, the shop is profitablepays and effective, so we want to construct on that foundation.

Shops in Richmond, Virginia and Mount Pleasant, South Carolina have currently closed.

Southern Season was founded in 1975 by Michael Barefoot and has won a number of awards and hosted numerous star chefs throughout the years. It has had the distinction of being picked as one of the Top 25 Finest Independent Stores in America. Southern Season was bought in 2011 by TC Capital.

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