News & Media
Hilco Global Announces Sale of Linens ‘N Things to Galaxy Brand Holdings
Northbrook, IL – December 9, 2013 – In a joint announcement today, Hilco Global and Infinity Lifestyle Brands in partnership with Gordon Brothers report that it sold the Linens ‘N Things intellectual property assets to Galaxy Brand Holdings for an undisclosed amount.
Galaxy Brand Holdings is a brand development company with a diversified portfolio of consumer brands generating over $700 million in annual retail sales across every segment of distribution. In addition to Linens ‘N Things, its current portfolio includes AND1, Avia and Nevados. In May 2013, The Carlyle Group acquired a majority interest in Galaxy Brand Holdings.
Linens ‘N Things was a major retailer of home goods with 571 stores and $2.7 billion of annual sales before filing for bankruptcy in 2008. In February 2009, Hilco Global, Gordon Brothers Group and other partners disposed of the company’s assets, including store and e-commerce inventory and real estate. The intellectual property was subsequently acquired by a joint venture including Hilco Global, Gordon Brothers Group and Infinity Lifestyle Brands. The Linens ‘N Things brand was re-launched as an online retailer of home goods, providing a wide array of home merchandise at value-oriented prices directly to consumers.
“Linens ‘N Things enjoys a rich history of providing consumers with a broad assortment of high-quality, value-priced home products. We plan to leverage this heritage to connect with consumers by offering Linens ‘N Things branded products, and by re-establishing the brand as a premier home destination both in-store and online,” said Abe M. Hidary, Vice President of Corporate Development at Galaxy Brand Holdings.
“This transaction marks another successful turnaround of a valued brand. We are excited for Galaxy to continue the growth the brand has experienced over the past few years and build upon the brand’s strong history and resonance with consumers,” stated Jeffery Hecktman, Chairman and CEO of Hilco Global.
The transaction follows on the heels of other successful brand turnarounds such as The Bombay Company, Polaroid and The Sharper Image by Hilco Brands, a division of Hilco Global and Gordon Brothers Group’s Brand Division.
About Hilco Global
Located in metropolitan Chicago, Hilco Global (www.hilcoglobal.com) is the world’s preeminent authority on helping businesses to maximize the value of their assets. Hilco Global has built a comprehensive business practice that delivers a full complement of asset valuation, asset monetization, and advisory solutions. Through 20+ expert business units around the world Hilco Global provides an extensive range of services including asset appraisals; acquisition and disposition services in retail inventory, consumer products, industrial equipment, Intellectual Property and real estate; private equity investments; and, advisory-consultative solutions.
Hilco Brands LLC, a unit of Hilco Global, identifies the intrinsic and potential value in an underperforming brand or portfolio of brands. Then, acting as an agent or as an investor-partner, devises and implements restructuring and revitalization programs designed to operate the business more effectively and derive new revenue streams through initiatives such as brand licensing, product development and cutting-edge marketing campaigns.
About Galaxy Brand Holdings
Galaxy Brand Holdings (www.galaxybrands.com) owns a diversified portfolio of consumer brands generating over $700 million in annual retail sales. The Company’s branding expertise, retail relationships and strategic partnerships create significant value for its best-in-class licensees who design, source and distribute products to retailers around the globe. With innovative and creative advertising and promotions, Galaxy Brand Holdings is an industry leader in promoting and elevating brands in the marketplace through traditional and digital platforms. Galaxy Brand Holdings was founded in 2011 and is based in New York City.