Kohlberg & Co. is arguing in Delaware court that its decision to back out of a deal to buy a cake decorations wholesaler from Snow Phipps Group LLC was unavoidable, given the widespread cancellation of public gatherings due to the coronavirus.
“The Covid-19 pandemic has dramatically curtailed birthday and similar celebrations for the foreseeable future,” Kohlberg says in a brief unsealed Monday. “Sales and orders have plummeted. The company’s business has cratered. There is no end in sight.”
The filing by a group of Kohlberg affiliates came the same day Snow Phipps’ lawsuit against them was made public. The suit, ...
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