Phoenix serves as financial advisor in arranging and negotiating the sale of assets for a 22-store retail drug store chain.
Phoenix’s client was a $150 million privately held Retail Drug Store Chain operating 22 stores in Florida.
The Company suffered from intense competition, declining margins, excess inventory, a management group that had experienced high turnover, and an ownership group that was not involved with the day-to-day operations of the business.
Phoenix determined that the client’s best course of action was to sell the Company in order to maximize the return to creditors and to minimize the client’s personal exposure to liabilities. Phoenix successfully sold the 22-store chain in a series of transactions that provided sufficient liquidity to repay the senior lender in full and relieved the owner of all contingent liabilities.
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