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Two entrepreneurs who have been collecting fallen retail brands during the coronavirus pandemic are taking over the reins of RadioShack, acquiring the nearly century-old gadget seller’s brands and online business, WSJ Pro Bankruptcy reported. Miami-based Retail Ecommerce Ventures LLC, led by Chief Executive Alex Mehr and Executive Chairman Taino “Tai” Lopez, bought the rights to the RadioShack brand in the U.S., Canada, India, Australia, Europe and China, along with related websites, for an undisclosed price last week. Even as U.S. retail sales climbed in October at their slowest pace since the spring, online shopping continues to flourish. Consumers are demanding improved residential workspaces and remote-working setups as the pandemic keeps many of them out of the office, opening the door for RadioShack to fulfill their work-at-home electronics needs. The deal marks REV’s latest purchase of a retail brand since COVID-19 began spreading in the U.S. Earlier this year, the company bought the e-commerce business of Pier 1 Imports Inc. and the trademark assets of Modell’s Sporting Goods out of bankruptcy.

Wendy’s Co. disclosed yesterday that it has submitted a bid to buy nearly 400 restaurants under its own name and operated by bankrupt franchisee NPC Quality Burgers Inc., Reuters reported. NPC filed for bankruptcy protection in July and started a process to sell its assets, including its interests in Wendy’s restaurants across eight different markets. Wendy's said that it remains committed to maintaining its ownership level at about 5 percent of the total Wendy's system. The burger chain expects several existing and new franchisees, part of the consortium bid, to buy most of the NPC markets, with Wendy's buying one or two at most. Wendy’s did not disclose the size of the consortium bid. NPC Quality Burgers’ parent, NPC International Inc, earlier this month said restaurant franchisee Flynn Restaurant Group LP had agreed to buy all of its more than 1,300 Pizza Hut and Wendy’s restaurants. Wendy’s filed an objection last week to the sale of NPC International’s assets to Flynn, saying the bidder also operates a few of its competitors’ restaurants.

The North American Talc Subsidiaries of Imerys (Imerys Talc America, Imerys Talc Vermont, and Imerys Talc Canada) announced that the U.S. Bankruptcy Court for the District of Delaware has approved the sale of substantially all of the debtors' assets, plus an agreement to assume certain assumed liabilities, to Magris Resources Canada Inc., according to a press release. Magris emerged as the successful bidder after having been selected as the stalking-horse bidder by the debtors on October 13. As previously disclosed, Magris will acquire substantially all of the Debtors' assets for a purchase price of U.S. $223 million, plus the assumption of certain Assumed Liabilities. The transaction is subject to customary closing conditions and regulatory approvals, as well obtaining U.S. and Canadian court approval. A hearing to recognize the yesterday's U.S. bankruptcy court ruling is scheduled before the Canadian court on November 25. After receiving court approvals, the debtors will move to close the transaction, with a goal of closing by the first quarter of 2021.

NPC International Inc., the nation’s largest franchisee of Wendy’s and Pizza Hut restaurants, has a deal to sell itself out of bankruptcy to Flynn Restaurant Group LLC, WSJ Pro Bankruptcy reported. Flynn, the largest restaurant franchise operator in the U.S., is offering $816 million to buy the more than 1,300 restaurants operated by NPC. Weighed down by nearly $900 million in debt, NPC filed for chapter 11 protection in July and has been marketing assets. The stalking-horse offer could be subject to higher and better offers and requires bankruptcy court approval. It is likely to face competition from other interested buyers, including possibly Wendy’s Co. itself. Wendy’s said on Nov. 2 that it was considering making an offer for nearly 400 Wendy’s restaurants operated by NPC as part of a consortium with other Wendy’s franchises. Both Wendy’s and Pizza Hut LLC have expressed concerns about NPC’s quick timeline for a sale, and have pushed for greater involvement in vetting who will be the new owner of NPC’s restaurants. Wendy’s has signaled it would oppose a sale to Flynn, which operates Arby’s and Panera Bread restaurants that also sell sandwiches. Wendy’s has traditionally preferred franchisees that only own its restaurants, and Arby’s could be viewed as a direct competitor in the burger business. In addition to the Wendy’s restaurants, NPC operates roughly 900 Pizza Huts.

The bankruptcy trustee overseeing liquidation of assets of the former Southern Vermont College said this week he is encouraging any interested parties “to submit signed offers” for the campus real estate or other property, the Bennington Banner reported. Raymond Obuchowski, the court-appointed trustee in chapter 7 bankruptcy proceedings for the former college, represents the estate of the former SVC corporation, which voluntarily entered the process in August. “As it stands today, I don’t have any signed agreements for the purchase of the assets,” Obuchowski said on Wednesday. He said that the real estate to be dispersed includes the 371-acre campus and buildings, the Gate House building at the entrance drive on Monument Avenue in Bennington, and the former Bennington Center for the Arts off West Road, which was donated to the college in 2017. The center’s founders, Bruce Laumeister and Elizabeth Small, have since filed suit, seeking to annul their gift, but that action in Bennington Superior Court Civil Division apparently remains on hold pending decisions in the chapter 7 case. The Gate House building was also, like the arts center/theater, donated to the college and has likewise been marketed separately in real estate ads.

Pittsburgh-based GNC Holdings LLC announced that it completed its chapter 11 bankruptcy plan of reorganization and that it will begin to "wind-down the affairs of the remaining bankruptcy estates," pay allowed claims and resolve those in dispute, the Pittsburgh Business Times reported. On Oct. 7, GNC had a substantial amount of its assets acquired in a $770 million sale to Harbin Pharmaceutical Group Holding Co., its largest shareholder, which let GNC improve its financial standing following adjustments it made to its store footprint and restructuring plan. The company plans to continue providing "innovative wellness solutions to customers" and that the chapter 11 plan and sale to Harbin will allow the company to continue to expand.

After filing for chapter 11 protection in June, BarFly Ventures LLC, the parent company of Grand Rapids, Mich.-based craft beer and bar food chain HopCat, has sold its assets as part of months-long financial restructuring, the Detroit Metro Times reported. The sale, which was announced Tuesday, was made to Congruent Investment Partners and Main Street Capital for a whopping $17.5 million. All of the assets, including Stella's Lounge and Grand Rapids Brewing Co., have now been acquired through a newly formed operating company, Project BarFly LLC. Both companies were previous lenders to HopCat in 2015. Before the pandemic forced Michigan restaurants to close for dine-in service, HopCat had its sights on expanding locally and nationally. Since filing for chapter 11, however, the focus has been on safely reopening and maintaining growth among the company's surviving 11 locations.