TSL Express Daily News

SSG Capital Advisors, LLC (“SSG”) served as the investment banker to Christmas by Krebs Corporation (“CBK” or the “Company”) in the sale of substantially all of its assets to The Gerson Companies. The transaction was effectuated pursuant to Article 9 of the Uniform Commercial Code and closed in February 2024.

Established in 1973 and headquartered in Irving, Texas, CBK specializes in creating beautiful, handcrafted holiday ornaments. As one of North America’s largest producers and sellers of glass and shatterproof ornaments, the Company has established itself as a reliable destination for all holiday ornament needs across multiple sales channels. CBK’s products are celebrated for their unique and original designs and are sold through large and small specialty retailers and e-commerce platforms. The brand is a symbol of tradition and artistry and the Company is widely recognized as an industry leader that sets high standards for quality and service.

CBK achieved significant success by offering beautiful and high-quality ornaments throughout its long history. Recently, the Company faced substantial challenges from trends impacting the industry. Management implemented operational improvements to preserve its original, trusted, and proven quality craftsmanship. However, the strategy proved to be capital-intensive and required a strategic or financial investor to provide adequate liquidity to support the business.

SSG was retained by CBK to assist in the exploration of strategic alternatives. SSG conducted a comprehensive marketing process that attracted interest from multiple parties. The Gerson Companies ultimately prevailed in the process and acquired the assets through a UCC Article 9 sale. The transaction was completed in an expedited timeframe and allowed the Company to retain its customer base. SSG’s ability to conduct an efficient sale process and identify buyers in niche market segments enabled the Company to maximize the value of the assets for its stakeholders.

Headquartered in Olathe, Kansas, The Gerson Companies is a proven leader in the importation and distribution of on-trend seasonal and everyday home decor products to retailer customers.

Other professionals who worked on the transaction include:

• Chris M. McNeill and Rebecca R. Kuritzkes of Blank Rome LLP, counsel to Christmas by Krebs Corporation;
• Chris A. Manion, Emily A. Osofsky and Lillian Q. Pham of Blank Rome LLP, counsel to the incumbent lender; and

Stuart E. Bodker and Thomas B. Schipper of McDowell Rice Smith & Buchanan, P.C., counsel to The Gerson Companies