---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-079701"
form_type: "8-K"
ticker: null
cik: "0000870826"
company_name: "Legacy IMBDS, Inc."
filed_at: "2023-07-10T23:59:59+00:00"
generated_at: "2026-06-13T10:49:22.059508+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# iMedia Brands to sell substantially all assets to RNN for ~$50M via Chapter 11 process

## Summary
- Sale includes ShopHQ, 1-2-3.tv, iMDS, J.W. Hulme, and Christopher & Banks brands.
- Approximately $50M transaction value plus assumption of certain liabilities.
- Transaction subject to higher or better offers; expected to close in August 2023 pending court approval.
- Debtor-in-possession financing of $15M approved to support operations during sale process.
- Company suspends earnings calls; warns trading in common stock is highly speculative.

## SEC filing metadata
- accession: 0001104659-23-079701
- form_type: 8-K
- cik: 0000870826
- company_name: Legacy IMBDS, Inc.
- filed_at: 2023-07-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/870826/000110465923079701/0001104659-23-079701-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/870826/000110465923079701/tm2320697d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-079701
- JSON: https://secwatch.observer/filing/0001104659-23-079701.json
- Plain text: https://secwatch.observer/filing/0001104659-23-079701.txt

## Key facts
- Debt Financings
  Legacy IMBDS, Inc. incurred credit facility of maximum loan amount of (a) $31,947,305.40 prior to closing the Sale Transaction, and (b) $34,947,305.40 on consummation with Siena Lending Group LLC and the other parties thereto as lenders.
  - Instrument: credit facility
  - Principal: maximum loan amount of (a) $31,947,305.40 prior to closing the Sale Transaction, and (b) $34,947,305.40 on consummation
  - Counterparty: Siena Lending Group LLC and the other parties thereto as lenders
  - Event: incurrence
  source text: On July 6, 2023, the Company and Siena Lending Group LLC and the other parties thereto as lenders (collectively, the "DIP Lenders") entered into a senior secured super-priority debtor-in-possession credit facility in a maximum loan amount of (a) $31,947,305.40 prior to closing the Sale Transaction, and (b) $34,947,305.40 on consummation of the Sale Transaction, in each case subject to the terms and conditions set forth therein (the "DIP Financing Agreement").
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465923079701/0001104659-23-079701-index.htm
- Material Agreements
  Legacy IMBDS, Inc. entered into Purchase Agreement with RNN-TV Licensing Co. LLC (effective 2023-07-03).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: RNN-TV Licensing Co. LLC
  - Effective: 2023-07-03
  source text: On July 3, 2023, iMedia Brands, Inc. (the “Company”) and certain of its subsidiaries (together with the Company, collectively, the “Sellers”) entered into an Asset and Equity Purchase Agreement (the “Purchase Agreement”) with RNN-TV Licensing Co. LLC (“Buyer”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465923079701/0001104659-23-079701-index.htm
- Material Agreements
  Legacy IMBDS, Inc. entered into DIP Financing Agreement with Siena Lending Group LLC and the other parties thereto as lenders valued at maximum loan amount of (a) $31,947,305.40 prior to closing the Sale Transaction, and (b) $34,947,305 (effective 2023-07-06).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Siena Lending Group LLC and the other parties thereto as lenders
  - Value: maximum loan amount of (a) $31,947,305.40 prior to closing the Sale Transaction, and (b) $34,947,305
  - Effective: 2023-07-06
  source text: On July 6, 2023, the Company and Siena Lending Group LLC and the other parties thereto as lenders (collectively, the “DIP Lenders”) entered into a senior secured super-priority debtor-in-possession credit facility in a maximum loan amount of (a) $31,947,305.40 prior to closing the Sale Transaction, and (b) $34,947,305.40 on consummation of the Sale Transaction
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465923079701/0001104659-23-079701-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.