Sold!

Maria Weiskott, May 16, 2007

Seattle — It took only a few hours last Thursday for Pacific Rim Import Corp. to enter the gift industry’s annals, as some $18 million worth of product and assets were sold in an on-site and online auction.

National liquidation company, Great American Group, had oversight of the auction, which began somewhat oddly: with happy birthday wishes to an employee – complete with a chorus of the traditional birthday song. It was a rather upbeat way to start an event that most in the industry considered a glum ending for the 30-year old gift and home décor company.

But once underway, the bidding was rapid fire and the merchandise that defined Pac Rim — accent furniture, garden accessories, tabletop, home décor, Christmas and Halloween products, most in their original cartons — were sold off to bidders from the United States, Canada and Mexico.

The auction also included all Pac Rim customer lists, sales detail histories and 2007 order bookings; Pac Rim, Fidalgo's logos, trademarks, websites and domain names and other sales intangibles; Life Impressions trademarks and copyright applications pending.

Bidders who made small purchases were expected to pick up their merchandise May 11, the day after the auction, while the larger bidders have until month's end — May 29 — to pick up their product.

Pacific Rim’s website is now deactivated and a Google search for the company turns up a host of recent articles about the company’s financial troubles, which became public only three months ago.

No doubt there will be reminders of the company as its diverse array of merchandise begins to show up in the marketplace. There will be reminders as well this coming market season as buyers pass the showrooms in market centers around the United States that once belonged to Pacific Rim.

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