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TBS Acquireco Inc., owner of The Bargain! Shop (“TB!S”) has announced that it has entered into an asset purchase agreement with PricewaterhouseCoopers Inc., as court-appointed interim receiver and receiver of SAAN Stores Ltd., to acquire as many as 93 of the former Saan locations. These stores are located in the Atlantic provinces as well as Ontario and Western Canada, and will bring the total number of The Bargain! Shop stores to over 270 outlets, making TB!S one of the largest privately owned General Merchandise retailers in the country.

The acquisition is subject to the receiver obtaining an order from the Ontario Superior Court of Justice (Commercial List), approving the sale of the assets to TB!S and other conditions usual for a transaction of this nature. It is expected that the closing of the transaction will occur in stages, starting on August 21, provided that court approval has been obtained.

In commenting on the purchase Michael Roellinghoff, President and CEO of The Bargain! Shop said: “The acquisition of the former Saan locations is very positive, not just for our company and the Canadian vendor community, but also for the towns where Saan has played a very important role over the years.

Our goal is to re-open those stores as The Bargain! Shop locations as soon as possible, and we’re hopeful that many of the former SAAN associates will consider joining TB!S to help us make that happen.”

“TB!S’s largest stakeholder is Genuity Capital Partners, a private equity fund whose expertise has contributed to making our extraordinary growth possible in what, for most other retailers, has been a somewhat difficult period”, Roellinghoff added. “And our comparable store sales are trending nicely, because consumers are shopping closer to home and, perhaps appreciate now more than ever the value offering of TB!S’s particular combination of brand names and low prices.”