NEW YORK, May 13, 2014 (GLOBE NEWSWIRE) -- Hilco Streambank successfully completed the Chapter 11 auction of the Dots intellectual property assets. The Dots.com domain name was sold separately for $335,000 to an individual entrepreneur. The remainder of the package was sold to a Florida entity called New Dots LLC for $326,000. Both bids exceeded an initial $250,000 stalking-horse bid from Rainbow Shops for the entire portfolio. The auction was conducted on Friday May 9th, 2014 and concluded on the same day. The sale is currently pending bankruptcy court approval.
"The auction was very active with multiple rounds of bidding." said Jack Hazan, EVP of Hilco Streambank. "It was interesting to see the bidding on the dots.com domain name top the bids on all of the other assets. You need to think out of the box when selling IP, as the best buyers are not always the likely suspects." Hazan said.
The Dots brand was established in 1987 and became a leading retailer of women's apparel, footwear and accessories with approximately 400 stores in 28 states. After an extensive effort to restructure, the company filed for Chapter 11 bankruptcy protection on January 20th 2014. Hilco Streambank was retained in early April to manage the process to monetize all of the intellectual property.
Jack Hazan (212) 610-5663
jhazan@hilcoglobal.com
Anna Moreva (781) 444-4940
amoreva@hilcoglobal.com
Dmitriy Chemlin (212) 610-5642
dchemlin@hilcoglobal.com
About Hilco Streambank
Hilco Streambank is a market leading advisory firm specializing in intellectual property disposition and valuation. Over the last three years Hilco Streambank has become a leader in the IP valuation and disposition market. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases as well as private transactions, Hilco Streambank has established itself in the internet and telecom community as a responsible and effective intermediary in the space. Hilco Streambank is a Hilco Global Company. Northbrook, IL based Hilco Global (www.hilcoglobal.com) is the world's preeminent authority on helping businesses to maximize the value of their assets.