The intellectual property of Century 21 department stores is for sale

“The Century 21 brand offers a trusted destination for apparel, accessories, homewares and more,” Hilco Streambank Executive Vice President David Peress said in the announcement.

Bids to purchase the retailer’s intellectual property must be received by November 16, and an auction is scheduled for November 19. The sale is subject to United States Bankruptcy Court clearance for the Southern District of New York.

Century 21 is a “pioneer in the development of discounted department stores,” according to the announcement, which noted that the retailer is particularly geared towards high-end merchandise and “everyday basics” for women, men and children.

The retailer’s weekly deals allow consumers to “shop the drop,” a curated selection of high-end products from names that aren’t often discounted. Its total gross revenue in fiscal 2019 exceeded $ 747 million, of which approximately $ 53 million can be attributed to the online shopping channel.

Hilco Streambank is a consulting firm focused on intellectual assessment and disposition and is the “leading broker in the consumer brand, Internet and telecommunications communities,” according to the announcement.

Century 21 Stores announced on Sept. 10 that they had filed voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York.

At the time, the discounted retailer announced plans to start a “liquidation” of its operations in 13 stores across New York, New Jersey, Florida and Pennsylvania.

The company said at the time that the move follows “non-payment” by its insurance providers of approximately $ 175 million in policies intended to protect against losses resulting from business interruption.

“We are confident that if we had received a significant portion of the insurance proceeds, we would have been able to save thousands of jobs and weather the storm in the hopes of another incredible recovery,” said the co- Century 21 CEO Raymond Gindi. ad.