BID PROCESS

The 50 leasehold properties owned by Skippers are offered for sale on a competitive bid basis, without asking prices.  The following describes the requirements for submitting bids, and the process by which bids will be evaluated.

Bidders are encouraged to go to the "Financials Login" section of the web site and log in to receive the pertinent financial information on each store.

Bid Requirements:

Bidders are encouraged to submit sealed bids on the Skippers Initial Bid Form or the CBA Business Opportunity Purchase and Sale Agreement form.  Bidders may submit bids on individual properties, groups of properties selected by the bidder, or the entire portfolio.  Bids for individual properties should be submitted on separate bid forms or separate CBA Business Opportunity Purchase and Sale Agreement forms.  Bids for a group of properties or the entire portfolio should be submitted as one bid with a list of prices offered for each unit.

Bidder Broker Representation:

Bidders may elect to have a licensed State of Washington real estate broker or agent act as Bidder’s Agent.  Bidders or Bidder’s Agents are encouraged to notify Kurt Sorensen, the listing agent, at GVA Kidder Mathews via email or by calling 206.296.9607 as early as possible to indicate their interest and intent to place a bid.  Bidders must register a Bidder’s Agent by entering in the appropriate information on the Skippers Bid Form or the CBA Purchase and Sale Agreement.  Bidders or Bidder’s Agents may contact the Listing Agents at GVA KM for details of the real estate sales commission that will be paid by Seller.

Receipt of Bids:

Mail Bids to:

Skippers Property Sale c/o GVA Kidder Mathews

601 Union Street, Suite 4720

Seattle, WA 98101

Bid Evaluation

Until May 15, 2007, Skippers and GVA KM were considering Bids for the entire Skippers company.  We are now accepting bids on individual stores as well as continuing to accept offers on the entire chain of stores.

The bids will be evaluated based on price, terms, conditions and compliance with bidding procedures.  Skippers and GVA KM reserve the right to: (i) reject any or all bids for any reason in Skippers sole discretion; and (ii) to withdraw properties from sale at any time for any reason.

Call for Final Bids:

Skippers may conduct a second round of best and final bidding for any or all of the properties, in which case bidders selected from the first round by Skippers, in its sole discretion, will have the opportunity to modify their original bids if they so choose.  Bidders will be notified by telephone and in writing if Skippers determines that they will have an opportunity to submit a modified bid by a specified date.

Receipt and Evaluation of Final Bids:

Final bids, using the CBA Business Opportunity Purchase and Sale agreement, must be submitted to:

Skippers Property Sale c/o GVA Kidder Mathews

601 Union Street, Suite 4720

Seattle, WA 98101

on or before the due date determined by GVA.  The bids will be time and date stamped.

Following bid submittals, Skippers shall have the right to accept or reject any bid received.  Skippers shall not be obligated to sell any property until a resolution accepting a bid has been approved by the Sellers and the Bankruptcy Court.  It is presently anticipated that Skippers will consider and either accept or reject a bid for each property prior to July 1, 2007.

Final Bid Acceptance

Upon Acceptance approval, Skippers will acknowledge its acceptance by delivering the fully executed Skippers Purchase and Sale Agreements to the selected bidders.  The successful bidders must deposit earnest money in cash within one business day of mutual execution of the CBA Purchase and Sale Agreement as specified therein.

Modifications of the Bid Procedures and Other Matters

Skippers reserves the right, in its sole discretion, to modify the bid procedure outlined herein.  In addition, Skippers encourages bidders who have questions to contact the Listing Agent.  Answers to any questions which Skippers, in its sole discretion, feels have relevance to all bidders will be posted on this website.  Prospective bidders are notified that any such modifications or answers will be posted on this website and they are encouraged to check regularly for any periodic updates related thereto.