BELLINGHAM, WA - After filing for Chapter 11 protection last week, Haggen is now seeking approval from the U.S. Bankruptcy Court to explore selling the company and its assets, including stores.

If approved, Haggen would pay more than $1 million to hire investment banking firm Sagent Advisors to seek options for a potential sale, Oregon Live reports.

The request, filed Wednesday, says, “[Haggen has] retained Sagent in connection with these Chapter 11 cases to provide investment banking services to Haggen with respect to a potential sale of Haggen or substantially all of its assets,” according to Oregon Live.

On September 8 last week, Haggen filed voluntarily for Chapter 11 in order to reorganize around its core profitable stores. The retailer subsequently received commitments for up to $215 million in debtor-in-possession financing from existing lenders to maintain operations and the flow of merchandise to its stores during the sale process. 

Haggen has previously engaged with Sagent to market for sale “some locations in the five states it operates and to explore market interest for various store locations,” according to a press release.

In this latest filing, Haggen says it would pay Sagent $1.25 million for its services (or $30,000 per store, or a small percentage of the sale price, whichever is greater), along with an additional $50,000 a month.

“Sagent is needed … to assist with negotiations, to provide expert advice and testimony regarding financial matters related to transactions … and to enable the debtors (Haggen) to discharge their duties as debtors and debtors-in-possession.”

Records indicate that Haggen has paid Sagent more than $4.4 million since November.

Stay tuned to AndNowUKnow as we continue our coverage of Haggen’s potential sale.

Haggen