NEW YORK – The Global M&A Network recognized Bracewell’s role in the sale of Eastern Mountain Sports and Bob’s Stores to Sports Direct International plc by naming the transaction Cross-Border Special Situation Mid-Market M&A Deal of the Year ($100MM to $250MM) at the 10th Annual Turnaround Atlas Awards. The award was presented at an awards ceremony in New York City on July 19, 2018.
Bracewell advised Eastern Outfitters LLC and its affiliates (collectively, Eastern Outfitters) as lead bankruptcy counsel in their Chapter 11 proceedings. Eastern Outfitters filed for bankruptcy protection after falling victim to the cataclysmic downturn in the sports retail sector that has claimed many of its competitors. Bucking the trend, however, Bracewell assisted Eastern Outfitters in securing a stalking horse bid from and consummating a sale of Eastern Outfitters’ assets under Section 363 of the Bankruptcy Code to SportsDirect, the UK’s largest sporting goods retailer. The businesses acquired included approximately 50 retail stores in the United States under the Bob’s Stores and Eastern Mountain Sports names, as well as a number of e-commerce sites.
Earlier this year, the transaction won Section 363 Sale of the Year (Over $100MM to $250MM) at the M&A Advisor’s Turnaround Awards.