Martin Lawrence Sells Subsidiary to Stockholder
Martin Lawrence Limited Editions Inc., a Van Nuys-based publisher and retailer of limited edition fine art work, said that its principal stockholder had agreed to acquire a wholly owned subsidiary of the company for $800,000.
Chief financial officer Allen A. Baron said Jack A. Rounick, an officer and director of the company, will buy Martin Lawrence’s subsidiary, Think Big! Inc., for at least $625,000 in cash. The balance will either be in cash or the form of a promissory note, with the final payment due Dec. 31, 1994.
Martin Lawrence said it is selling Think Big! to increase its liquidity. The company has until June 30 to pay Wells Fargo $1.9 million in debt as long as it provides the bank with a signed agreement for the sale of Think Big! by May 31.
Martin Lawrence plans to open a new gallery at Universal Studios’ CityWalk project next Monday, bringing the total number of its galleries to 22.
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