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Court Approves Sale of DB Marts

RICHMOND, Va. -- The U.S. Bankruptcy Court for the District of Delaware has entered sale orders approving the sale of all 147 stores operated by DB Cos. Inc., reported the Wall Street Journal.

The final hearings to approve the sales of the remaining 12 stores were held on Sept. 22 and 29 in the U.S. Bankruptcy Court. The total value of the stores sold is $73 million, which does not include the value of inventory and the buyer's premium that the purchasers must pay in addition to the purchase price.

Baltimore-based Matrix Capital served as the exclusive financial advisor to DB Cos. Tom Kelso, managing director and head of the energy and multi-site retail group at Matrix, managed this transaction.

"We were extremely pleased with Matrix's work and the results that Matrix achieved in conjunction with the efforts of our senior management team and the other professionals we engaged to assist us in our Chapter 11 proceedings," said Art DeBlois, DB's CEO and president. "The overall results were outstanding and well above the upper level of our valuation range."

A complete list of winning bidders is available at under the DB Marts Auction section.
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