Gordon Brothers/Hilco Announce Linens ‘N Things Sale to Galaxy Brand
Gordon Brothers Group, Hilco Global and Infinity Lifestyle Brands reported the sale of the Linens ‘N Things intellectual property assets to Galaxy Brand Holdings for an undisclosed amount.
Linens ‘N Things was a major retailer of home goods with 571 stores and $2.7 billion of annual sales before filing for bankruptcy in 2008. In February 2009, Hilco Global, Gordon Brothers Group and other partners disposed of the company’s assets, including store and e-commerce inventory and real estate. The intellectual property was subsequently acquired by a joint venture including Hilco Global, Gordon Brothers Group and Infinity Lifestyle Brands. The Linens ‘N Things brand was re-launched as an online retailer of home goods, providing a wide array of home merchandise at value-oriented prices directly to consumers.
Kenneth S. Frieze, president of Gordon Brothers Group, said, “We’ve been proud stewards of the Linens ‘N Things brand for the past four years and believe that this sale takes place at an exciting time for Galaxy, who will undoubtedly have enormous success taking it to the next level.”
“The brand equity inherent in Linens and Things is testimony to the power of our unique licensing platform,” stated Ike S. Franco, chairman of Infinity Group.
“Linens ‘N Things enjoys a rich history of providing consumers with a broad assortment of high-quality, value-priced home products. We plan to leverage this heritage to connect with consumers by offering Linens ‘N Things branded products, and by re-establishing the brand as a premier home destination both in-store and online,” said Abe M. Hidary, VP of corporate development at Galaxy Brand Holdings.
“This transaction marks another successful turnaround of a valued brand. We are excited for Galaxy to continue the growth the brand has experienced over the past few years and build upon the brand’s strong history and resonance with consumers,” stated Jeffery Hecktman, chairman and CEO of Hilco Global.
The transaction follows on the heels of other successful brand turnarounds such as The Bombay Company, Polaroid and The Sharper Image by Hilco Brands, a division of Hilco Global and Gordon Brothers Group’s Brand Division.
Galaxy Brand Holdings is a brand development company with a diversified portfolio of consumer brands generating over $700 million in annual retail sales across every segment of distribution. In addition to Linens ‘N Things, its current portfolio includes AND1, Avia and Nevados. In May 2013, The Carlyle Group acquired a majority interest in Galaxy Brand Holdings.
Infinity Lifestyle Brands is the New York-based Infinity Group’s consumer products and brand management platform.