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Court approves the Fortunoff intellectual property sale process
The Bankruptcy Court for the Southern District of New York has approved procedures for the sale of Fortunoff’s intellectual property, including the Fortunoff.com domain name and web site, and its design and source code. An auction is set for June 18.
Managing Editor, International Research
The Bankruptcy Court for the Southern District of New York has approved procedures for the sale of the intellectual property belonging to multichannel home furnishings and jewelry retailer Fortunoff. The sale includes an auction that will offer information technology assets such as the Fortunoff.com domain name and web site, along with its design and source code, its in-house customer relationship management system, the company’s intranet, and its inventory management and distribution system.
The auction is scheduled for June 18 in New York at the offices of law firm Sidley Austin LLP. A bid deadline of June 16 has been set and a sale approval hearing set for June 22.
Fortunoff filed for Chapter 11 bankruptcy protection in early February, blaming a sales slowdown on the economic crisis. The company noted debt exceeding $100 million in its filing with the bankruptcy court. Fortunoff previously declared bankruptcy in January 2008 and was acquired in February 2008 by NRDC Equity Partners for $110 million.
Fortunoff entered liquidation in late February 2009 with the approval of a bankruptcy court judge. The product liquidators are Tiger Capital Group, SB Capital Group, Kimco Realty Services, Great American Group, Hudson Capital Partners, The Gordon Co. and Bobby Wilkerson Inc.
Other intellectual property up for auction include trademarks; a database of more than 750,000 customer names, many with purchase history in jewelry, home furnishings and bridal registries; proprietary jewelry designs; and branded products such as plates, cups, and bowls.
Consor Intellectual Asset Management is managing the marketing and sale of the Fortunoff assets. Consor is working with Zolfo Cooper, Fortunoff’s financial advisor, on the asset auction and sale.