Consor Intellectual Asset Management will manage the marketing and sale of the intellectual property belonging to multichannel home furnishings and jewelry retailer Fortunoff. A June auction will include 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.
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 U.S. Bankruptcy Court of Southern New York. Fortunoff also declared bankruptcy in January 2008 and was acquired in February 2008 by NRDC Equity Partners for $110 million.
Fortunoff, No. 299 in the Internet Retailer Top 500 Guide, entered liquidation in late February 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.
A motion authorizing the sale of the Fortunoff intellectual property and intangible assets is scheduled to be heard in bankruptcy court on May 12, and the auction is tentatively scheduled for June 2 at the New York offices of Sidley Austin LLP, Fortunoff’s legal representative.
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