Hilco Streambank’s Role
The Bon-Ton (the Company) was a leading hometown department store brand which operated approximately 250 department stores across 23 states in the Northeast, Midwest and Upper Great Plains under multiple nameplates and e-commerce sites. The joint venture that purchased substantially all of the Company’s assets out of bankruptcy engaged Hilco Streambank to market and sell the Company’s intellectual property assets.
Hilco Streambank Canvassed the Marketplace
Hilco Streambank developed a curated list of parties likely to have an interest in the Company’s extensive intellectual property, which included trademarks (including department store nameplates and owned private label brands), domain names, nearly 25 million customer files and social media assets. We served as the main point of contact for the bankruptcy court-appointed consumer privacy ombudsman (CPO), who was appointed to make recommendations to the bankruptcy court with respect to the sale of personally identifiable information. Hilco Streambank contacted more than 250 parties regarding the acquisition opportunity, working with them as they conducted diligence and data testing. We led an auction that lasted approximately 10 hours, creatively pairing the high bidder with L’Oréal, which purchased certain customer data, with the buyer of all of the intellectual property, in order to maximize the value of the assets.
Hilco Streambank Closed the Deals
Working closely with the parties in concert with the CPO, Hilco Streambank assisted in the closing of the two transactions, including providing guidance on deal terms and practical solutions with respect to the physical transfer of the intellectual property assets. The sale proceeds totaled more than $1.1 million. Since the sale closing, The Bon-Ton brand has been relaunched and is open for business.