Sexual Health Chain Peekay Plans Sale In Del. Ch. 11

Law360, Wilmington (August 10, 2017, 1:54 PM EDT) -- Sexual health and wellness retailer Peekay Acquisition Inc. opened a Chapter 11 sale effort in Delaware early Thursday, reporting $72.6 million in debt and launching its bankruptcy with plans for a stalking-horse-led marketing of the 46-store business.

Company Chief Restructuring Officer Albert Altro said the Auburn, Washington-based company’s move capped more than two years of unsuccessful restructuring and sale efforts, including an attempted initial public stock offering and tentative sale agreements in which buyers never quite found the love.

By July, the company’s primary secured lenders,...
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