Termination Letter dated April 24, 2018 by Barington/Hilco Acquisition Corporation to Specialty Brands Holdings, LLC
Exhibit 10.1
POP G FOOD HOLDINGS CORP.
10990 Wilshire Boulevard
Penthouse
Los Angeles, CA 90024
April 24, 2018
Mr. Mark H. DeBlois
Chairman and CEO
Specialty Brands Holdings, LLC
600 Providence Highway
Dedham, MA 02026
Dear Mr. DeBlois
Reference is made to tehr letter of intent, dated February 14, 2018 (the “LOI”) entered into among Specialty Brands Holdings, LLC (“SBH”), Papa Gino’s Inc., Oreva Capital Corp. (“Oreva”), Barington/Hilco Acquisition Corporation (“BHAC”) and Pop G Food Holdings Corp. ( “Holdings”).
As we have discussed, based on our financial review of the business of the “Company Group” (as defined in the LOI) we have determined that payment of the purchase price set forth in the LOI was not in the best interests of either Holdings, BHAC or their affiliates. Although we have proposed payment of a reduced purchase price SBH has chosen not to accept our proposal. Accordingly, please consider this letter as the official termination of the LOI and our discussion with respect to the matters described therein.
We wish you well in your future endeavors.
Very truly hours,
POP G FOOD HOLDINGS CORP.
By: /s/ Adam E. Levin
Name: Adam E. Levin
Title: Chief Executive Officer