
Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Author: Joel R. Glucksman
Date: April 20, 2015
Partner
201-896-7095 jglucksman@sh-law.comC&A Marketing, a Ridgefield, New Jersey-based company that manufactures and markets a wide range of products, will pay $1.9 million to consummate the sale.
This follows the Chapter 11 bankruptcy filing of SkyMall LLC and parent company Xhibit Corp., which was announced in January. At the onset of their bankruptcies, the companies sought preliminary relief from the Bankruptcy Court so they could pay specific claims – including those of employees – and allow their business to operate under the jurisdiction of the federal court.
They also requested immediate court approval for a proposed sale process in order to find buyers for the SkyMall online retail business, as well as substantially all other assets.
Almost 200 potential buyers contacted Jeffrey Manning, managing director of CohnReznick Capital Markets Securities, according to The Republican. From that pool of possible acquirers, seven prequalified bidders emerged, with two providing bids during a March 25 auction in Phoenix.
While C&A Marketing bid $1.9 million, FSG Distributors bid $2.5 million, the media outlet reported. In both cases, the bids involved cash and promissory notes. However, C&A won out because its bid had far fewer contingencies than the rival bid, Manning wrote in a decision.
Now that the transaction has been finalized, the New Jersey company has declared that it wants to revitalize SkyMall. The buyer emphasized that, at its zenith, SkyMall catalogs were viewed by almost 30 million air travelers every year. Chaim Pikarski, executive vice president of C&A Marketing, commented on the situation in a statement, noting both the in-flight catalog company’s rise as well as its fall.
“Thanks to the changing times and in-flight Wi-Fi, the once iconic travel-related brand became less relevant and more entertaining. While items like life size yard gorillas are interesting to look at, they’re not usually the kind of impulse or insightful purchase that will resonate with travelers,” stated Pikarski. “Our goal is to bring the SkyMall brand back to its roots, back to the brands, products and technology that relate to all travelers.”
The New Jersey-based marketing and distributing company has helped revitalize several brands, including Ritz Camera & Image and Polaroid.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
Author: Robert L. Baker, Jr.
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
Author: Brian D. Spector
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!