CML Group, Acton, MA, whose subsidiary Nordic Track filed for Chapter 11 bankruptcy last month, has entered into a preliminary sales and purchase agreement to sell Nordic Track to ICON Health & Fitness for $6.5 million. CML continued to accept offers through Dec. 8.
It's hoped by CML management that the sale of Nordic Track, combined with an extension of its credit facility, will allow the company to continue operations of its profitable Smith & Hawken home and garden catalog and retail business. CML plans to recapitalize to reduce its debt load and provide additional working capital for Smith & Hawken.
