Century 21 Department Stores LLC retained Hilco Streambank to sell its intellectual property assets during its chapter 11 case. The assets included the Century 21 trademarks, domain names, customer and transaction data, social media assets and toll-free numbers.
Century 21 was a well-loved omnichannel retailer that offered its discerning customer unmatched access to designer brands at amazing prices. The brand was known as a pioneer in the off-price channel, with a particular focus on luxury apparel and accessories. The company operated 13 stores across New York, New Jersey, Pennsylvania and Florida and an ecommerce site at C21Stores.com.
As part of the sale process, Hilco Streambank solicited indications of interest to serve as a stalking horse bidder and assisted the company in negotiating a stalking horse agreement with Branded Online, Inc. for $800,000. Following the signing of the stalking horse agreement, we continued to market the assets. Throughout the process, Hilco Streambank worked closely with the company and its consultation parties, as well as the Court-appointed consumer privacy ombudsman who made recommendations to the Court with respect to the transfer of personally identifiable information.
Following an auction where there were 34 rounds of bidding, the company declared the high bid of Gindi C21 IP LLC to be the successful bid, reflecting a purchase price of $9 million. Hilco Streambank worked closely with the company and the buyer to close the deal in December 2020.