FORT WORTH, Texas, Dec. 21 /PRNewswire-FirstCall/ -- The Bombay Company, Inc. ("Bombay") today announced that it has agreed to sell its intellectual property, which includes the Bombay brand name, to Bombay Brands, LLC, ("Bombay Brands") a joint venture of Hilco Consumer Capital and Gordon Brothers Group. In a unique transaction structure, The Bombay Company bankruptcy estate retains a 25% interest in Bombay Brands. The acquisition is subject to approval by the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division.
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Hilco Consumer Capital will assume day-to-day brand management responsibilities and will immediately undertake a strategic brand rebuilding program designed to leverage the intrinsic value of the Bombay name. Through licensing strategies with retailers, wholesalers and franchisees, a broad-range of new consumer products will be created and marketed internationally. Assistance will be provided by The Bombay Company estate and the respected brand strategies and marketing firm, Graj + Gustavsen, also a partner in the joint venture group.
John Collins, an executive with Hilco Consumer Capital, was named President and Chief Marketing Officer of Bombay Brands. Mr. Collins is also President of Hilco TAG, owner of Tommy Armour Golf and RAM Golf. He has more than 25 years of experience and success in managing and marketing famous-name brands, including Nike, Bauer, Tommy Armour Golf, Volant Ski, Canon Inc., and Kubik.
Mr. Collins stated, "The Bombay brand differentiates itself through a lifestyle approach in the home furnishings category. It offers terrific opportunities for expansion and development into a whole new range of highly desirable and affordable consumer lifestyle products. Our plan will generate new products through licensed wholesalers and bring them to market through strategic retail and brand franchisee partners."
James "Jamie" Salter, Chief Executive Officer of Hilco Consumer Capital, said, "We are fortunate to have made the acquisition with Gordon Brothers Group. We are also happy that we were able to structure the transaction in a way that allows the creditors of The Bombay Company, Inc. to participate in the overall success of our strategy."
Elaine D. Crowley, SVP, CFO & Treasurer of The Bombay Company, Inc. noted, "We are very pleased that the Bombay name will have the opportunity to flourish under the new venture. We believe the expertise that Hilco Consumer Capital brings creates a unique opportunity to rebuild the Bombay brand and will ultimately provide loyal Bombay customers a solution for their home decorating needs. We look forward to working with the venture partners to rebuild the Bombay brand."
About Bombay
Until its recent bankruptcy and liquidation of assets, The Bombay Company, Inc. designed, sourced and marketed a unique line of home accessories, wall decor and furniture through 384 retail outlets and the Internet in the U.S. and internationally.
About Hilco Consumer Capital
Hilco Consumer Capital (http://www.hilcocc.com/) was formed in 2006 to make private equity investments in prominent consumer brands and build significant, additional value in them through innovative product development, creative marketing and licensing strategies. Among HCC's most recent acquisitions are the Tommy Armour(R) Group of golf brands, the Halston(R) fashion brand and the Caribbean Joe(R) line of island apparel. HCC is a unit of The Hilco Organization (http://www.hilcotrading.com/), a privately-held, diversified financial services firm specializing in appraising, purchasing, selling, financing and enhancing the performance of tangible and intangible business assets through a platform of 22 integrated business units located in North America and the European Union.
About Gordon Brothers
Founded in 1903, Gordon Brothers Group (http://www.gordonbrothers.com/) is an advisory, restructuring and investment firm specializing in the retail, consumer products, real estate and industrial sectors. In addition to undertaking private equity investments, Gordon Brothers provides asset valuations and appraisals, dispositions, real estate consulting, lending and advisory services.
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