The landlord for Speedy auto repair shops in Canada is the new owner of the sputtering company’s assets.
Forum Leasehold Partners Inc. has received Ontario court approval for the purchase of the assets of insolvent SMK Speedy International including stores, land, head office, leases and franchise agreements.
And Toronto-based Forum said yesterday it plans to run the repair shop chain, the slogan of which is “At Speedy you’re a somebody.”
“We see this as an opportunity to operate the locations successfully,” said Forum controller Adele Imrie. “Speedy is 50 years old and a great Canadian brand.”
Although the parties did not release the value of the deal, a receiver’s report said the purchase price is “significantly less” than the $3.2 million Speedy owed to a numbered Ontario company.
Although about two dozen corporate outlets closed last month, many of its 62 franchise stores continue operating.
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