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School Specialty files for Chapter 11 protection

7:13 PM, Jan. 28, 2013  |  Comments
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GREENVILLE - Educational supplies company School Specialty is filing for Chapter 11 bankruptcy protection.

School Specialty, whose stock declined almost 55 percent in premarket trading Monday, said that it plans to sell its assets as a "going concern" to a Bayside Capital Inc. affiliate. If a company is a "going concern," it means that they have enough resources to continue operating indefinitely.

Bayside Capital is an affiliate of private investment firm H.I.G. Capital.

School Specialty said that it filed for bankruptcy protection in order to facilitate the sale.

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