Rocky Mountain Chocolate Factory has entered into a contract to sell its corporate headquarters and production facility in Durango, Colorado, for $6.6 million to American Heritage Legacies, LLC, an entity controlled by the family of Interim CEO Allen Harper. The company will lease back the property for an initial term of ten years with annual base rent of $624,000. Net proceeds from the sale are expected to be used to repay $6.6 million in outstanding promissory notes bearing 12% interest. The transaction is classified as a related party deal and was approved by disinterested board members following an independent appraisal. Rocky Mountain Chocolate Factory operates as a franchisor, manufacturer, and retailer of premium chocolates and confectionery products.
