PUBLIC NOTICE OF ABC SALE: Photo4Less, Inc.

NOTICE OF SALE IN  NEW JERSEY ABCs

PLEASE TAKE NOTICE that on February 28, 2023 at 10 am ET, Stephen B. Ravin, Esq., Assignee for the Benefit of Creditors of Photo4Less, Inc. (www.photo4less.com) and Photo Park of Brooklyn, Inc.(www.photoparkstore.com),  (“Assignors”) shall move before the Superior Court of New Jersey, Middlesex County, Chancery Division, Probate Part, (the “Court”) for approval of the stalking horse offer of The Right Photo, LLC., (“Stalking Horse Offer”) OR ANY HIGHER OR BETTER OFFER (the “Sale Hearing”). The Stalking Horse has entered into an Asset Purchase Agreement (“APA”) with the Assignors on or about November 2, 2022.

PLEASE TAKE FURTHER NOTICE THAT the Stalking Horse Offer is in the sum of $4,900,000 for the purchase of substantially all of the Assignors’ assets, free and clear of liens and claims. Said assets shall be purchased as-is, where-is, with no warranties whatsoever, including a warranty for a particular use or purpose.

Photo4Less, Inc. is an on-line retailer, primarily of photo, hunting and electronic equipment. Photo Park of Brooklyn, Inc. operates a retail store in Brooklyn, New York, selling photographic and framing equipment.

Pursuant to an Order of the Court entered on February 2, 2023, the following Bid Procedures have been approved, in order to establish bids as Qualified:

The bid must be at least $10,000 higher than the Stalking Horse Bid, or $4,910,000.

The bid should be accompanied with a marked-up version of the APA to reflect the terms of the competing bid.

The competing bidder shall wire a deposit in the sum of $75,000 pursuant to wiring instructions provided by the Assignee.

The bid shall be accompanied by a letter establishing the competing bidder’s ability to close.

Bids shall be submitted at least eight (8) days prior to the Sale Hearing to Stephen B. Ravin, Assignee,  by email at [email protected] and to Assignors’ counsel, Chad B. Friedman, Esq. [email protected].

A data room has been established for the purposes of this sale. Interested parties should contact the Assignee for admission to the data room, which will require the interested party’s execution of a non-disclosure agreement.

Stephen B. Ravin, Esq., Assignee
Saul Ewing LLP
[email protected]