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Entertainment Promotions Continues Operation During Ownership Transition
Pending a Sale to New Ownership, Entertainment Promotions Operates as a Going Concern as Part of Bankruptcy Proceedings
Troy, MI, April 1, 2013 —Entertainment Promotions, the 50 year old discounts and promotions brand, resumed operations on March 27, 2013, after filing a chapter 7 bankruptcy petition on March 12, 2013. Charles M. Forman, who was appointed chapter 7 trustee by the United States Department of Justice, was authorized by the Delaware Bankruptcy Court to operate Entertainment Promotions as a going concern pending its sale, which is expected to occur on or about April 22, 2013.
During this time, Entertainment Promotions will to continue to serve its consumers, merchants, partners and vendors. We are proud to announce that:
- Entertainment.com is accessible to its members for online saving.
- 2013 Entertainment Book Memberships may be ordered online.
- Shipping of Entertainment Book Memberships is resuming.
- Spring Entertainment fundraising programs are resuming and delivery of product is commencing.
- The Entertainment merchant network is intact and operational.
- Our merchant redemption guarantee remains in effect and our merchant support staff is in place.
- The Corporate Marketing Solutions team is working with their clients to ensure that their needs are met.
- Corporate partner programs continue to be intact with fully functional websites.
- Contracts entered into with Entertainment prior to the Petition Date are and have remained valid and Entertainment intends to honor its obligations as outlined in the contract.
Mr. Forman received an offer for Entertainment from HSP-EPI Acquisitions, LLC. If successful, the bidder, HSP-EPI Acquisitions, LLC, (whose members includes Lowell Potiker, son of founders Hughes and Sheila Potiker) intends to continue to operate Entertainment. In addition, other parties have expressed interest in purchasing and operating Entertainment.
Additional articles and information:
Santo, Jamie. (2013, March 25). Ch. 7 Trustee OK’d To Run Coupon Co. Ahead Of Auction. March 25, 2013. Law360.
Felton, Ryan. (2013, March 22). Son of Entertainment Publications founders makes $11.3 million offer to buy company assets. Crain’s Detroit Business.
Legal Letter Concerning Existing Entertainment Contracts and Agreements. (2013, March 27). Forman Holt Eliades & Youngman.
Entertainment Promotions (www.Entertainment.com) is a leader in providing the most recognized and purchased consumer discount, promotion and coupon products throughout the U.S., Canada, Australia and New Zealand.
Entertainment® enables consumers to enjoy the widest variety of coupons and savings offers through a diverse suite of savings memberships including: Entertainment® Book and Entertainment® Digital Access. With one of the largest offer networks, consisting of 70,000 local merchants, regional and national retailers, advertisers and ecommerce brand partners, Entertainment makes it possible for consumers to save anytime, anywhere and any way they want with online, print or mobile redemption choices at over 400,000 convenient locations.
Entertainment® also provides co-branded online member discount sites and corporate promotions and loyalty products, and is a leader in youth/cause marketing programs and consumer products. For more information, visit www.entertainment.com.
About Forman Holt Eliades & Youngman
Charles M. Forman of Forman Holt Eliades & Youngman, is serving as the bankruptcy Trustee for Entertainment. Forman Holt Eliades & Youngman is well-established as one of the largest bankruptcy boutique law firms in the United States and, although headquartered in New Jersey, its bankruptcy practice is routinely involved in bankruptcy cases filed in Delaware. The attorneys of Forman Holt Eliades & Youngman are widely known and highly respected in this region for their expertise in bankruptcy issues and litigation. They represent secured and unsecured creditors, debtors, franchisors, committees and trustees in resolving insolvency-related disputes across the commercial spectrum. This experience coupled with the firm’s ability to handle any complex commercial litigation, in State or Federal Court, makes the firm a valuable asset to all of its corporate clients.
Media Relations Contact:
Director, Marketing & Communications