Daily Management Review

Under ‘Section 363 of Bankruptcy Code’, Hilco To Conduct Intellectual Property Sale


08/25/2016


In order to acquire the IP sale of Hilco, the bids are to be submitted in advance.



Following the court’s approval, under bankruptcy Hilco Streambank is hired for assisting “Draw Another Circle”, part of “Hastings Entertainment”, in selling “its intellectual property assets”.
 
The list of assets to be thus sold includes all the IP that are associated with “Hastings®, MovieStop® and Tradesmart® brands”. The sale will be carried on as per “Section 363 of the Bankruptcy Code” of “Draw Another Circle, LLC Chapter 11 case pending” in District of Delaware, United States’ Bankruptcy Court. Those who are interested in the acquisition of Hilco’s intellectual assets thus mentioned are requested to “submit bids” by Thursday, the 15th if September 2016 at “5:00 PM ET”.
 
In the words of Hilco Streambank’s Chief Executive Officer, Gabe Fried:
“The Hastings® brand has strong recognition by consumers in the new and used multimedia market throughout the Southern, Midwest, Northwest and Northeast U.S. Over the last fifty years, the Company has established itself as a leading multimedia entertainment and lifestyle retailer whose offerings include movies, video games and consoles, software, consumer electronics, comic books, collectible trading cards, action figures, recreation and hobby products, and related apparel and accessories, at competitive price points for both the newest releases as well as vintage products. By acquiring the MovieStop® brand from GameStop Corporation in 2014, Hastings Entertainment was able to provide their loyal customer base of over fifteen million with unmatched variety and quality in their movie product lines.”
 
 
 
 
 
References:
http://www.businesswire.com/







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