Hilco Streambank’s Role
In 2009, Goody’s filed its second chapter 11 petition in seven months, and announced it would liquidate its 282 remaining stores. Goody’s traced its roots to 1953, when M.D. Goodfried and a partner founded the Athens Outlet Store in Athens, Tennessee, selling closeout, irregular and previous-year fashions. Goody’s grew from 12 stores and $3 million in annual sales in 1972, to more than 380 stores and over $1 billion in sales in 2006. Hilco Streambank was retained to market and sell the Goody’s intellectual property assets.
The company offered on-trend, brand-name fashions with an emphasis on the basics. In addition to the storied Duck Head owned brand, Goody’s offered other nationally-recognized brands and a host of private label brands including Ivy Crew for men, OCI for young men, juniors, and children, Goodclothes and Mountain Lake for misses, and Baby Crew for infants and toddlers. These house brands accounted for over $300 million in retail sales in 2007.
Hilco Streambank Closed the Deals
We assisted the company in closing two sales worth nearly $3 million for intellectual property assets.