![]() OTP states that its inventory (at cost), receivables, and cash total approximately $50 million. Instead, its assets consist of inventory, receivables, and cash. OTP leases its locations from landlords, so it does not have any real estate assets. OTP attributes the store closings, and the need to file the bankruptcy case, to the impact of COVID-19 on retail sales. ![]() Upon filing the bankruptcy cases, OTP proposed to close 4 of their 43 stores at the start of the case, with further potential closures to follow. Old Time Pottery Holdings has no assets beyond its membership interest in the operating entity. Old Time Pottery, LLC is the operating entity, and is solely owned by the other debtor (Old Time Pottery Holdings, LLC). As of the bankruptcy, OTP employed 800 full- and part-time employees, most of whom are paid hourly and work in the retail stores. Before bankruptcy, it operated 43 locations in 11 states. OTP is a discount home décor retailer based in Murfreesboro, Tennessee. The declaration is a lengthy description of the OTP’s version of why they had to file bankruptcy and what they would like to accomplish in bankruptcy court. The declaration can be found at Docket #19 and is a “must read” document. OTP filed the Declaration of Jonathon Tyburski, the OTP’s CFO, on the first day of these bankruptcy cases. We expect much of these bankruptcy cases to revolve around the lease renegotiations. As of the current bankruptcy filing, PNC was owed $28.2 million. Financing for the transaction was provided by PNC Bank (which remained OTP’s bank until just before the bankruptcy). In 2014, OTP was acquired by Comvest Investment Partners, an investment fund based in New York. Unsecured creditors were paid 75% on their allowed claims, an unusually high-percentage payout for bankruptcy cases. OTP successfully reorganized in the prior case with a new $20 million loan from First Merit Bank in Akron, Ohio. Prior to that case, its then-bank (SunTrust) reduced its line of credit from $40 million to $18 million, and then refused advances on the line entirely, forcing the company into bankruptcy. The prior case was caused by the 2008 recession, echoing the circumstances alleged to be behind the current case. It previously filed in August 2009 and had a plan confirmed in May 2010. This is OTP’s second trip through bankruptcy court. We expect much of these cases to revolve around these lease renegotiations. However, landlords have extensive rights under the Bankruptcy Code too. Bankruptcy Code gives a company wide powers to “assume” or “reject” commercial leases. While the bankruptcy cases are still in their early days, it looks like the main goal is to renegotiate their store leases to increase profitability. Bankruptcy Code in Nashville on June 28, 2020. The former Mall was almost 300,000 square feet with 1,400 parking spaces.Discount home décor retailer Old Time Pottery and its holding company filed for protection under Chapter 11 of the U.S. ![]() It is to contain 279,000 square feet of retail and restaurant space. TLD is to be a walkable community with parks, water features, retail, restaurants, two hotels, 360 homes, 220 rentals over retail, 15 pad sites and office space and assisted living. The process should be completed next month with ground-breaking this year. The location is on the southeast corner of I-40 and Canada Road in Lakeland. It is to be an upscale 160+ acre mixed-use community surrounding a 10-acre lake and waterways. 28 and when completely demolished, will be replaced with The Lake District (TLD). Stephen Baiel, operations manager for the project, said the crews haven’t missed a day, even during the single digit temps.ĭemo on the main mall started Dec. See photo album at the bottom of the story. Photos by Jim Willis, Lakeland Currents, show demo status on the mall as of yesterday (1.5.18). This used to be the Old Time Pottery store at the former Factory Outlet Mall in Lakelandĭemolished - along with more of the former Factory Outlet Mall.
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