The Great Atlantic & Pacific Tea Co., which entered bankruptcy nearly three years ago before closing all of its stores, sold "substantially all of its intellectual property assets," which consist of its store banners and private labels. Hilco Streambank, a company retained by A&P in 2015, announced that it brokered the sale of 23 A&P brand names, including the following:
Supermarket Banners: Pathmark, Super Fresh, A&P, Food Emporium, Waldbaum's, Food Basics, among others
Private Labels: America's Choice, Greenway, Woodson & James, Hartford Reserve, Great Atlantic Seafood Market, among others
According to a Hilco spokesperson, the sale resulted "in a seven-figure overall recovery."
Some of the transactions were disclosed publicly, and they included the $1.75 million sale of Food Emporium IP assets to the Key Food Cooperative, and the $1 million sale of Pathmark IP assets to a unit of Foodtown operator PSK Supermarkets.
A&P, founded in New York City in 1859, was the world's largest retailer by 1930 with nearly $3 billion in annual sales and 16,000 stores.
Showing posts with label Hilco. Show all posts
Showing posts with label Hilco. Show all posts
Friday, May 11, 2018
Monday, July 18, 2011
It's the end of the road for Borders
According to reports, Borders has failed to reach an agreement with one of its bidders who had made an offer to keep the company running. The result will be the closure of its remaining 399 stores, including 12 in the Philadelphia region. Borders had filed for bankruptcy protection earlier this year.
The chain's assets will most likely be purchased by Hilco Merchant Resources and Gordon Brothers Retail Partners, who will then liquidate the assets. An objection to the sale, which must be approved by the bankruptcy court, has already been filed by creditors, who say the transaction will leave no one to assume the company's business contracts.
Borders has 10,700 employees, and a phased rollout of closures will run through September.
As for Borders rival Barnes & Noble, the company reported a loss of $59.4 million for its fiscal fourth quarter, as well as a $74 million loss for fiscal 2011. The losses come despite the fact that online sales at BN.com increased 50% for the fiscal year, and overall company sales reached a record $7 billion for the same period. Barnes & Noble received a $1 billion takeover offer in May from Liberty Media Corp., owner of West Chester-based QVC.
The chain's assets will most likely be purchased by Hilco Merchant Resources and Gordon Brothers Retail Partners, who will then liquidate the assets. An objection to the sale, which must be approved by the bankruptcy court, has already been filed by creditors, who say the transaction will leave no one to assume the company's business contracts.
Borders has 10,700 employees, and a phased rollout of closures will run through September.
As for Borders rival Barnes & Noble, the company reported a loss of $59.4 million for its fiscal fourth quarter, as well as a $74 million loss for fiscal 2011. The losses come despite the fact that online sales at BN.com increased 50% for the fiscal year, and overall company sales reached a record $7 billion for the same period. Barnes & Noble received a $1 billion takeover offer in May from Liberty Media Corp., owner of West Chester-based QVC.
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