American Tire Distributors Inc. (ATD) says the news a judge has approved of the company's sale "represents the best path forward for the business and all of our stakeholders."
Michael Feder, interim CEO of ATD, issued the statement the day after the U.S. Bankruptcy Court judge said he was "completely satisfied" with the proposed sale.
Feder said, "We are pleased to have received court approval of our sale transaction with the purchaser, which marks one of the final steps in our sale process.
"Having conducted a competitive sale process over the last several months, we believe that this agreement represents the best path forward for the business and all of our stakeholders. The purchaser is poised to move forward as a stronger partner to manufacturers and customers.
"We are grateful to our manufacturer partners and customers for their support throughout this process. We remain focused on continuing to provide them with the oustanding levels of service they expect from us as we work to complete this process. We thank all of our associates for their continued focus and dedication to ATD."
