Streambank Announces Bid Deadline and Auction Date for Whitehall Jewelers Intellectual Property Assets

NEEDHAM, Mass.–(BUSINESS WIRE)–Streambank, LLC today announced that a bid deadline and auction date have been finalized for the sale of intellectual property assets of Whitehall Jewelers Holdings, Inc. Bids may be entered until 4 p.m. EDT, Thursday, September 10. The auction will commence Tuesday, September 15, at 10 a.m. EDT, at the office of Proskauer Rose LLP in New York. Qualified bidders may participate in the auction by phone.

Among the notable IP assets for sale are four trademarks, three service marks and 15 foreign trade and service marks, including Whitehall, Lundstrom and Marks Bros, as well as eight URLs. Also available for purchase is Whitehall’s proprietary Whitestar™ cut of diamond.

“Whitehall Jewelers is nationally recognized, with a brand built over more than a century of providing high-quality engagement and wedding rings, as well as jewelry for other special occasions,” said Gabe Fried, Managing Member and Founder, Streambank, LLC. “We are optimistic about interest in these assets, particularly the well-known Whitestar™ brand.”

Also included in the sale is Whitehall’s customer mailing list, which is available to qualified bidders meeting certain Bankruptcy Court imposed restrictions.

Whitehall was founded in 1895 under the name Marks Bros. Jewelers. The national specialty retailer offered a selection of diamonds, gold, precious and semi-precious jewelry and watches. At the time of the bankruptcy filing, Whitehall reported it operated 373 stores in regional and super-regional malls in 39 states.

Chicago-based Whitehall filed voluntary Chapter 11 bankruptcy petitions in June 2008. A court-ordered liquidation followed unsuccessful attempts to sell the retail chain or obtain additional financing. Streambank was retained in June to undertake the marketing and sales efforts for Whitehall’s intellectual asset portfolio.

Interested parties may contact Streambank at 781.444.4940 to receive a copy of the Asset Purchase Agreement and Bid Procedures, or request additional information about the assets for sale.

About Streambank

Streambank is a financial advisory firm, specializing in intellectual asset valuation and disposition. The firm’s experience spans a broad range of industries including apparel, automotive, consumer products, food, manufacturing, medical technologies, retail and textiles. Through partnerships with brand consultancies, turnaround management firms, attorneys, and finance professionals, Streambank provides sound advice on value maximization strategies and liquidity options. Streambank is headquartered in Needham, MA. For more information, please visit www.streambankllc.com.