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Packable Holdings’ facility sale process timeline pushed back
By Sarah Lizee
Olympia, Wash., Nov. 4 – Packable Holdings, LLC’s timeline for the sale of debtor Pharmapacks, LLC’s interest in a lease with landlord CH/BDG Harvill, LLC of a property located in Perris, Calif., has been pushed back, according to a notice filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
Previously, bids were due by 5 p.m. ET on Oct. 28, an auction, if needed, was to be held on Nov. 3, a sale hearing was to take place on Nov. 8, and the sale was expected to close by Nov. 30.
These dates were adjourned to dates to be determined.
In early 2022, the debtors announced the planned opening of a new warehouse and fulfillment facility at the Perris location. It was expected to open in the second quarter of 2022.
In connection with that process, Pharmapacks entered into the lease, dated June 30, 2021, which has an initial term of about 12 years and six months, with two optional five-year extensions.
The leased premises comprise about 333,572 square feet, with annual base rent payments of about $3.67 million at the beginning of the initial term, which scale up to about $5.54 million at the end of the initial term.
Packable ultimately abandoned its efforts to open the facility to preserve liquidity.
The company said that while the debtors no longer have a need for the facility, the lease may have value that can be monetized through the sale of Pharmapacks’ leasehold interest.
Packable is a Hauppauge, N.Y.-based e-commerce company that operates as a third-party seller of health, beauty and other consumer products on online marketplaces. The company filed bankruptcy on Aug. 28 under Chapter 11 case number 22-10797.
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