Old Time Pottery gets interim approval to conduct store-closing sales

By Caroline Salls

Pittsburgh, July 2 – Old Time Pottery, LLC received interim court approval to conduct store-closing sales, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Middle District of Tennessee.

The company said its management team decided it is appropriate to close and wind down some store locations to address the company’s challenges and maximize its future prospects by increasing liquidity, maximizing costs savings and strengthening the company’s overall financial position to allow it to continue as a going concern.

Old Time Pottery has entered into a consulting agreement under which SB360 Capital Partners, LLC will assist with the store closings.

Initially, four stores are expected to begin closing, with the possibility of other locations being added to the list.

The initial store closings were expected to begin July 1.

SB360 will receive a base fee of 1.5% of the gross proceeds from the sale of merchandise, plus 15% of the proceeds from the sale of furniture, fixtures and equipment and 50% of additional merchandise net proceeds.

Old Time Pottery is a Murfreesboro, Tenn.-based home decor retailer. The company filed bankruptcy on June 28 under Chapter 11 case number 20-03138.

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