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    • On March 04, 2021, Michaels and private equity firm Apollo Global Management said that they have entered into a definitive merger agreement, where Apollo affiliates have agreed to acquire the crafts retailer for $5 billion, in a transaction that values Michaels at about $3.3 billion. The deal will be financed through a combination of equity from Apollo-managed funds and debt financing to be provided by Credit Suisse, Barclays, Wells Fargo, RBC Capital Markets, Deutsche Bank, Mizuho and Bank of America, according to a press release. Michaels' board has unanimously approved the deal, which is expected to close in the first half of its fiscal year. The retailer has 25 days to "solicit, evaluate and potentially enter into negotiations with" other suitors, and has the right to terminate the agreement if there's a better offer.
    • On March 04, 2021, it was reported, Tailored Brands is already seeking a $75 million emergency loan from a current lender and its largest equity holder after exiting bankruptcy in December. The search for new financing followed "unanticipated declines in its business" in December and early 2021 that raised the risk of default, according to a trustee for a group of unsecured creditors who became equity holders in 7% of the organized company. A default could force Tailored Brands to restructure again or liquidate, the trustee said. A Tailored Brands spokesperson said that the company has exceeded forecasts for the past two and a half months. The purpose of the financing, expected to close this week, is to increase the retailer's "working capital buffer and thereby further [ensure] that Company would be positioned to execute its strategic plan through a number of different economic recovery scenarios," the spokesperson said.
    • On March 04, 2021, it was reported, Charming Charlie is extending its comeback efforts online. The jewelry and accessories retailer, which shuttered its stores and website after declaring Chapter 11 bankruptcy in summer 2019 and began a reopening process in September 2020, is reinvigorating its digital platform. Company founder Charlie Chanaratsopon acquired the chain's trademarks at a bankruptcy auction in fall 2019, with plans to revive Charming Charlie as an omnichannel retailer. Having opened five brick-and-mortar stores (with a sixth set to open in Valley Stream, N.Y., in April), Charming Charlie is now partnering with Branded Online to build upon its digital strategy. Branded Online is a solution provider that develops e-commerce platforms and technology. On March 3, Branded Online acquired West Coast design agency OneStop Commerce e-commerce outsourcing company Zther Interactive. Other e-commerce brands Branded Online has worked with include Hurley, Bebe, Lululemon, True Religion, and Yeezy. Charming Charlie, which delayed some openings due to COVID-19, also plans to continue rolling out additional retail locations, opening as many as 25 stores annually, according to its website.
    • On March 02, 2021, it was reported, card and gift retailer Paper Source has filed for Chapter 11 bankruptcy with a plan to sell itself and close at least 11 stores. The company, which runs 158 stores, has a stalking horse bid from current lenders led by MidCap Financial to buy the company and provide $16.5 million in financing. The stalking horse bid is valued at Paper Source's debt obligations, including $16 million for a debtor-in-possession facility and $72.8 million on a first lien facility, according to court papers.