VIENNA, Va.--(BUSINESS WIRE)--Creative Hairdressers, Inc., a leading operator of salon brands including Hair Cuttery, BUBBLES and Salon Cielo, announced that is has received approval from the United States Bankruptcy Court for the District of Maryland for certain bidding procedures in connection with the sale of substantially all of its assets to a new owner. The approved bidding procedures contemplate a Court-supervised auction process, which is designed to achieve the highest and best offer for Creative Hairdressers’ assets.
On April 23, 2020, Creative Hairdressers announced a plan to significantly reduce its debt obligations and establish a sound financial platform for long-term growth. In order to implement the plan, the Company voluntarily filed for protection under Chapter 11 of the Bankruptcy Code and entered into an asset purchase agreement with HC Salon Holdings as the “stalking horse” bidder to become the new owner, subject to higher and better offers and Court approval.
“This is normal course and the next step in the process to reduce our debt obligations and position the business to rebound out of the COVID-19 crisis and operate in a financially healthier state going forward,” said Phil Horvath, President of Creative Hairdressers, Inc. “We continue to be excited about our long-term potential and are looking forward to re-opening our doors and meeting the pent-up demand from people who are eager to look and feel their best again.”
Creative Hairdressers, in conjunction with Carl Marks Advisors, LLC, its court-approved financial advisor, is soliciting bids from interested parties for all or a subset of its assets from strategic and financial bidders. The bid deadline is May 21, 2020 at 12:00 pm. If Creative Hairdressers receives one or more qualified bids, it will conduct an auction for the sale of the assets on May 28, 2020 at 12:00 p.m.
Inquiries regarding the asset sale should be directed to Marc Pfefferle of Carl Marks Advisors at firstname.lastname@example.org or (212) 909-8441.
About Creative Hairdressers, Inc.
Creative Hairdressers, Inc. operates over 750 salons nationwide under the trade names Hair Cuttery, BUBBLES, and Salon Cielo. The company began in 1974 to create a quality whole-family salon where stylists could make a good living. Today, the family of salons continues to share this commitment with a transparent, people-first culture that offers the best career trajectory in the industry for salon professionals, field leaders and corporate employees. More information is available at www.ratnerco.com.