Denninghouse (A Buck or Two) (“Denninghouse”) operated a chain of 200 owned and franchised dollar stores across Canada.
Denninghouse commenced restructuring proceedings under the Companies’ Creditors Arrangement Act and we were appointed Monitor. We led the restructuring and sale process. From the outset of the proceedings, we worked with Denninghouse to discontinue expediently the non-viable portion of the business (the owned stores) and to sell the viable portion of the business (the franchise operations) on a going-concern basis. By doing so, the franchise business was sold based on its cash flow and resulted in significant creditor recoveries.