Dry Cleaner Says Breach of Contract Won't Wash

by Arkansas Business Staff  on Monday, Aug. 6, 2018 12:00 am   1 min read

Ozark Cleaners & Laundry at 101 N. Block Ave. in Fayetteville (Google Maps)

An Arkadelphia businessman has filed a lawsuit in Washington County Circuit Court alleging that a Gravette man breached a contract when his company failed to follow through on a seven-digit property purchase.

Sanderscrest Inc., led by dry cleaner Ken Sanders, filed the suit through attorney Bill Reynolds of Caddell Reynolds PA of Fort Smith. The suit alleges that Sanders and Lykins Leasing LLC, led by pharmacist John Lykins Jr. of Gravette, had agreed on a $1.17 million contract for a commercial building in downtown Fayetteville.

The 8,144-SF building, at 101 N. Block Ave., is home to Ozark Cleaners & Laundry and was built in 1935. Sanders acquired the business and property from Greg and Pam Hays for $430,000 in 2004.

Sanders’ suit said he listed the property for sale in August 2017 with Steve Fineberg of Fineberg & Associates of Bentonville; it was listed for slightly less than $1.3 million. In April 2018, the suit said, Sumer Brandon of the Brandon Group got an offer from Lykins Leasing, signed by Lykins.

The contract both sides signed had four contingencies before the sale would go through, the suit said. Lykins would have to get financing, a feasibility study, an inspection and zoning or platting verification.

The suit said that all four contingencies were met, the last on June 14, accompanied by Lykins’ signature. On July 11, just two days before the scheduled closing, Sanders contacted Lykins and was told the sale had been “dead for two weeks” and wouldn’t go through, the suit said.

The suit did not specify why Lykins said the deal was off.

Sanders’ suit asks the court to enforce the sales contract and have Lykins follow through with the agreed-up purchase. Sanders is also asking for court and attorney fees.

 

 

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