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A U.S. Bankruptcy Court judge has approved the sale of the AcuSport Corporation to a South Carolina-based firearms distributor.
Judge John E. Hoffman Jr. approved an order Thursday that will allow Ellett Brothers LLC, a division of United Sporting Companies, to purchase the local firearms distributor at a price of $7.35 million.
AcuSport agreed to pay a $300,000 break up fee and up to $400,000 in expense reimbursements as part of the deal, according to lengthy documents filed with the court.
Ellett Brothers has agreed to hire some of the local employees and has begun training them, but it is not clear how many employees will be retained locally.
The buyer also gets rights to use the AcuSport name if it so chooses and inherits the company’s goodwill.
Brad Johnson, CEO of Ellett Brothers, did not return a call seeking comment Thursday.
Read complete story in Friday’s Examiner.
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