Liquor Stores NA Ltd. said Dec. 7 that it has closed the sale of its 51% interest in Birchfield Ventures LLC, which owns two stores in New Jersey.
The Canadian liquor retailer sold its interest to members of Birchfield for proceeds of approximately C$3.8 million. The buyers will pay an initial C$861,000 on closing and the rest is payable by Feb. 15, 2018.
The transaction also allows for a decrease in the working capital loan extended by the company to Birchfield to a maximum of C$7 million, of which C$4.2 million is drawn to date, Liquor Stores said.
The maturity date of the loan has also been extended to Feb. 15.
The company also said the sale resulted in a cancellation of obligations to purchase the remaining 49% of Birchfield as early as January 2019, which is valued at C$12.4 million.