Sassy 14, LLC entered into an asset purchase agreement to acquire Sassy, Inc. from Kid Brands, Inc. (OTCPK:KIDB.Q) for $14 million in cash on July 25, 2014. Sassy 14, LLC paid a deposit of $1 million to be held in escrow by Lowenstein Sandler LLP. The transaction also includes assumption of certain assumed agreements, certain employee costs and certain deposits or other payments related to manufacturing orders made by Sassy after execution of the agreement. As per the terms of the agreement, Sassy 14 and Sassy agreed to enter into a transition services agreement, for a term that will terminate on or before December 31, 2014, pursuant to which the parties will provide each other certain services necessary for the operation of the Sassy, Inc. and the continued operation in bankruptcy of the remaining business of the Kid Brands and its affiliates. while Jody L. Spencer of Rogers & Hardin LLP represents Crown Crafts.

The transaction is subject to approval by the Bankruptcy Court, assumption and assignment of the contracts, transitional service agreement and certain closing conditions. The transaction is also subject to higher and better offers that may be made at a Bankruptcy Court hearing. The transaction can be terminated if it is not closed by August 8, 2014. On August 12, 2014, the transaction was approved by the bankruptcy court. Kenneth A. Rosen, Steven M. Skolnick and S. Jason Teele of Lowenstein Sandler LLP acted as legal advisors for Sassy, Inc. Louis A. Modugno of McElroy, Deutsch, Mulvaney & Carpenter, LLP acted as legal advisor for Sassy 14, LLC. PricewaterhouseCoopers LLP acted as accountant for Kid Brands, Inc. Glenn Langberg of GRL Capital Advisors LLC is the debtor's chief restructuring officer.