An American affiliate of UK-based Caffé Nero will purchase Compass Coffee LLC out of bankruptcy after submitting a winning bid of $4.76 million during a competitive auction for the Washington, DC area coffee chain.
Caffé Nero North America Inc. beat out all other bidders following numerous rounds of bidding that culminated Thursday, Compass said in a filing with the US Bankruptcy Court for the District of Columbia. The sale price marks a nearly $2 million improvement on Caffé Nero’s $2.9 million offer last month, which set the bidding floor price ahead of the auction.
Next Gen Coffee Enterprises LLC was ...
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