The Bargain! Shop plans SAAN purchase in Liverpool

SAAN Manager, Joanne Wolfe said, “It’s a great thing if we get to keep our jobs. We’re very excited, and the customers are going to be very happy.”

According to a CNW Group issued press release, TBS Acquireco Inc., owner of The Bargain! Shop ("TB!S") announced Aug. 13 it has entered into an Asset Purchase Agreement with Price Waterhouse Coopers Inc., the court-appointed interim receiver and receiver of SAAN Stores Ltd., to acquire as many as 93 of the former SAAN locations.

“The acquisition is subject to the Receiver obtaining an order from the Ontario Superior Court of Justice (Commercial List), approving the sale of the Assets to TB!S and other conditions usual for a transaction of this nature. It is expected the closing of the transaction will occur in stages, starting on August 21, 2008, provided that court approval has been obtained.”

Ken Anthony, owner of the SAAN building, also helped negotiate the company’s move into Barrington, Shelburne Co.

He said the company has targeted Liverpool. “To get the Bargain! Shop is an excellent deal from my past experience and a lot more secure. Hopefully, it will be passed by the courts – a rubber stamp I think.”

He added, “It’s all good for Liverpool. You can’t have empty space down town.”

SAAN has gone bankrupt twice. Employees in Liverpool were told last May they are losing their jobs.

Now, Cashier Pam MacLeod said, “We’re excited. We love it here and I tried for quite awhile to get a job here.”

Michael Roellinghoff, President and CEO of The Bargain! Shop stated in the release, “Our goal is to re-open those stores as The Bargain! Shop locations as soon as possible, and we're hopeful that many of the former SAAN associates will consider joining TB!S to help us make that happen.”

Barrington The Bargain! Shop manager, and former Liverpool SAAN manager, Blair Fillmore said, “The Bargain Shop will do fantastic. SAAN store did well but the problem with the SAAN store is they ran into financial problems and didn’t have the inventory. There’s no problem with inventory with this store, believe me. We get eight to 10 pallets a week.”

He described the store as “kind of like a mini-Walmart,” adding Queens Co. residents will be “a lot happier. We have fantastic deals, great prices and a fantastic selection. They are also very customer focused. That’s one of our top priorities.”

In fact, he said Barrington area residents have advised him the selection and prices at the store are saving them a lot of money in gas because they no longer need to travel to Yarmouth or Bridgewater as often.

The press release states, “They carry a wide range of brand-name, quality products for the home as well as grocery items and clothing for the entire family. Their offer is made up of a combination of everyday basic items available at everyday low prices, and extra-ordinary opportunity buys; quality products that are available for a limited time only. For more details visit www.thebargainshop.com.”

The Barrington store employs 10, and it’s smaller than the Liverpool space.

The acquisition, if approved, will bring the number of stores in Canada to about 270, making TB!S one of the largest privately owned General Merchandise retailers in the country.