BELLPORT, N.Y., Oct. 06, 2017 (GLOBE NEWSWIRE) -- Perfumania Holdings, Inc. (OTC:PERFQ) (the “Company”) a U.S. specialty retailer and distributor of designer fragrances and related beauty products, announced that the U.S. Bankruptcy Court for the District of Delaware today confirmed its prepackaged Plan of Reorganization (the “Plan”).
Pursuant to the Plan, which is expected to become effective on October 11, 2017,
- The Company expects to pay vendors and suppliers in full in the ordinary course of business.
- All currently outstanding shares of Perfumania common stock will be cancelled. however, shareholders will be given the opportunity to receive consideration of $2.00 per share in exchange for completing a shareholder release form.
- Perfumania will receive an equity infusion from certain current shareholders and holders of its unsecured debt that will be used to make distributions under the Plan, to fund the consideration being paid to shareholders who submit a shareholder release form, and to fund ongoing operations.
- Perfumania will continue in business as a privately-held company with a reduced retail store portfolio.
The terms of the Plan were described in the Company’s Disclosure Statement mailed to the Company’s shareholders on August 31, 2017, which included the Plan as an exhibit and was filed with the Securities and Exchange Commission on a Form 8-K on September 5, 2017.
About Perfumania Holdings, Inc.
Perfumania Holdings, Inc. (OTC:PERFQ) is the largest specialty retailer and distributor of fragrances and related beauty products across the United States. Perfumania has a 30 year history of innovative marketing and sales management, brand development, license sourcing and wholesale distribution making it the premier destination for fragrances and other beauty supplies. The Company operates retail stores and e-commerce specializing in the sale of fragrances and related products across the United States, Puerto Rico, and the U.S. Virgin Islands. The Company also operates a wholesale distribution network, selling to mass retail, department stores as well as domestic and international distributors. For additional information please visit www.perfumaniaholdings.com.
Jennifer E. Mercer
Epiq Strategic Communications for Perfumania Holdings
Source: Perfumania Holdings, Inc.