Hilco Streambank to Sell dELiA*s Intellectual Property
Hilco Streambank is acting on behalf of a joint venture of Hilco Merchant Resources and Gordon Brothers Retail Partners, the exclusive agent of dELiA*s in connection with the sale of the intellectual property and other assets related to the company’s direct and retail business. The assets are being sold in a sale under §363 of the Bankruptcy Code in a Chapter 11 case pending in the United States Bankruptcy Court for the Southern District of New York in White Plains, NY. The bid deadline has been set for February 18 12 p.m. EST with an auction scheduled in New York, NY on February 19 10 a.m. EST. A stalking horse offer of $2.5 million to acquire the assets has been accepted subject to higher and better offers at the auction.
dELiA*s was started in 1993 with the goal of producing and selling clothing, footwear and accessories to teenage girls that expressed a fun and light hearted sensibility. Over time, dELiA*s evolved into an omni-channel retailer whose products were distributed through its e-commerce website, by direct mail catalogs and mall-based retail stores. For the fiscal years 2011, 2012 and 2013 dELiA*s aggregate annual sales through all channels were $172, 181 and 137 million, respectively. On December 7, 2014, the Company filed for Chapter 11 bankruptcy protection, and thereafter commenced the liquidation of its inventory through its stores and e-commerce channel.
Hilco Streambank is soliciting additional bids for the assets, which bids must be received by the bid deadline on February 18, 2015 at noon EST.
Previously on abfjournal: Salus Closes $20MM DIP Facility for dELiA*s, December 10, 2014