Auto Parts 4Less Group Enters Assignment for the Benefit of Creditors

Auto Parts 4Less Group, Inc. (OTC:FLES) recently filed an 8-K report with the Securities and Exchange Commission on February 5, 2025. The report highlighted significant corporate actions taken by the company.

The Board of Directors of Auto Parts 4Less Group, Inc. and its wholly owned subsidiary, Auto Parts 4Less, Inc., both Nevada corporations, approved the Assignment for the Benefit of Creditors (ABC) on January 30, 2025. This Assignment involved transferring assets to Stone Blossom Capital LLC, the assignee, for the administration of assets and liabilities of both corporations for the benefit of creditors. The completion of this assignment underscores the company’s commitment to addressing its financial obligations.

Additionally, in line with these developments, Christopher Davenport resigned from his positions as a Director and Chief Executive Officer of both Assignors. Mr. Davenport stepped down concurrently with the execution of the Assignments and their effectuation. Despite resigning from these roles, Mr. Davenport agreed to assist the Assignee in ensuring a smooth transition process.

As part of the filing, Auto Parts 4Less Group disclosed the Assignment Agreement as Exhibit 99.1, which provides details of the arrangement that was put into effect on January 30, 2025. This agreement can be referenced for a comprehensive understanding of the terms and conditions surrounding the assignment of assets.

The company aims to maintain transparency and fulfill its obligations by providing a comprehensive report to its stakeholders through the SEC filing. For more detailed information, interested parties can refer to the official filing on the SEC’s website.

This filing signifies a strategic move by Auto Parts 4Less Group, Inc. to address financial challenges and ensure the equitable treatment of its creditors. The company continues to focus on its operational strategies and is committed to navigating through the evolving business landscape effectively.

Item 1.03 of the filing addresses the Assignment for the Benefit of Creditors, while Item 5.02 discusses the Departure of Director or Certain Officers. For more insights into these recent developments, investors and stakeholders are encouraged to review the full details provided in the filing.

Auto Parts 4Less Group, Inc. continues to uphold its commitment to transparency and accountability by promptly reporting significant corporate events to the regulatory authorities and the public.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Auto Parts 4Less Group’s 8K filing here.

About Auto Parts 4Less Group

Auto Parts 4Less Group, Inc, operates as an e-commerce auto and truck parts sales company in the United States. The company offers automotive parts, including exhaust systems, suspension systems, wheels, tires, stereo systems, truck bed covers, and shocks for cars, trucks, boats, motorcycles, RVs, and other parts through AutoParts4Less.com.