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Moo & Oink sets new auction date

(Crain’s) — Moo & Oink Inc., a troubled meat retailer with three locations on Chicago’s South and West sides and another in south suburban Hazel Crest, will go to auction Sept. 7 unless a sale occurs sooner.

The auction, originally scheduled for Aug. 29, was postponed because several offers were tendered, according to Bruce de’Medici, an attorney at Chicago-based Belongia Shapiro & Franklin, who represents Silverman Consulting, the Skokie-based company that took over Moo & Oink.

“We have one particular offer that we’re in talks with, but we’re not discounting any interested party,” Mr. de’Medici says, declining to name the potential buyer. “As our talks mature, we’ll have a better sense about how any auction may proceed.”

Calls to Silverman Consulting were not returned.

According to an Austin Weekly News report, the firm’s managing partner sent a letter early this month outlining plans to liquidate the stores if a sale could not be completed.

According to the newspaper’s account, the letter said Moo & Oink lost $1.7 million in 2010, on top of a $1-million loss in 2009. As of June, the company had assets of $6.1 million against liabilities of $10.1 million.

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Moo & Oink sets new auction date | Consumer | Crain's Chicago ...

(Crain’s) — Moo & Oink Inc., a troubled meat retailer with three locations on Chicago’s South and West sides and another in south suburban Hazel Crest, will go to auction Sept. 7 unless a sale occurs sooner.

The auction, originally scheduled for Aug. 29, was postponed because several offers were tendered, according to Bruce de’Medici, an attorney at Chicago-based Belongia Shapiro & Franklin, who represents Silverman Consulting, the Skokie-based company that took over Moo & Oink.

“We have one particular offer that we’re in talks with, but we’re not discounting any interested party,” Mr. de’Medici says, declining to name the potential buyer. “As our talks mature, we’ll have a better sense about how any auction may proceed.”

Calls to Silverman Consulting were not returned.

According to an Austin Weekly News report, the firm’s managing partner sent a letter early this month outlining plans to liquidate the stores if a sale could not be completed.

According to the newspaper’s account, the letter said Moo & Oink lost $1.7 million in 2010, on top of a $1-million loss in 2009. As of June, the company had assets of $6.1 million against liabilities of $10.1 million.

Groupon has been grabbing headlines in recent days, from the leaked Andrew Mason memo to numbers showing a slowdown in site traffic to an executive resignation. Lisa Leiter talks with Morningstar's Rick Summer about his outlook for the Chicago-based daily-deal company and its planned IPO.

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