Century 21 Department Stores’ Intellectual Property Up For Sale
The intellectual property (IP) of Century 21 Department Stores is up for sale, including the company’s domain name, trademarks, social media assets, shopper data and more, according to an announcement from Hilco Streambank, which focuses on the sale of IP assets.
“The Century 21 brand provides a trusted destination for name brand apparel, accessories, home goods and more,” Hilco Streambank Executive Vice President David Peress said in the announcement.
Offers to buy the retailer’s intellectual property assets have to be in by Nov. 16, and an auction is scheduled for Nov. 19. The sale is subject to the go-ahead from the United States Bankruptcy Court for the Southern District of New York.
Century 21 is a “a pioneer in the development of the off-price department store,” according to the announcement, which noted that the retailer is especially geared toward high-end merchandise and “everyday basics” for women, men and children.
The retailer’s weekly offerings let consumers “shop the drop,” a curated selection of high-end merchandise from names that are not often discounted. Its total gross revenue in FY 2019 exceeded $747 million, of which roughly $53 million can be attributed to the online shopping channel.
Hilco Streambank is an advisory company focused on intellectual valuation and disposition and is the “premier intermediary in the consumer brand, internet and telecom communities,” according to the announcement.
Century 21 stores announced on Sept. 10 that it voluntarily filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York.
At the time, the off-price retailer unveiled plans to begin a “wind-down” of its operations at 13 stores across New York, New Jersey, Florida and Pennsylvania.
The company said at the time that the move follows “nonpayment” by its insurance providers of approximately $175 million from policies meant to protect from losses stemming from business interruption.
“We are confident that had we received any meaningful portion of the insurance proceeds, we would have been able to save thousands of jobs and weather the storm, in hopes of another incredible recovery,” Century 21 Co-CEO Raymond Gindi said in a previous announcement.