Maurice Sporting Goods sets bid procedures for $39 million asset sale

By Caroline Salls

Pittsburgh, Nov. 28 – Maurice Sporting Goods, Inc. requested court approval of the bid procedures for the proposed $39 million sale of its assets to stalking horse bidder Middleton Management Co., LLC, according to a motion filed with the U.S. Bankruptcy Court for the District of Delaware.

If Middleton is not ultimately the high bidder for the assets, Maurice will pay it a $500,000 break-up fee.

Competing bids are due by 4 p.m. ET on Dec. 13 and must include a minimum $1.5 million overbid amount.

An auction will be held on Dec. 18, if necessary. Bids at auction must be made in minimum increments of $100,000.

A hearing on approval of the sale procedures is scheduled for Dec. 5.

Maurice is a Northbrook, Ill.-based distributor of outdoor sporting goods. The company filed bankruptcy on Nov. 20 under Chapter 11 case number 17-12481.

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