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Pacific Rim Remains in Limbo

By Meredith Schwartz -- Gifts and Dec, 5/2/2007 6:30:00 AM

Seattle — March has come and gone, but Pacific Rim’s fate is still unsettled. The gift and home decor vendor entered receivership in February; shortly thereafter receiver Inverness Group began entertaining bids for the company and/or its inventory . Bids closed mid-March with the expectation that a sale would be announced by the end of the month.

Obviously, it wasn’t. However, John Davidson, managing partner of Inverness, says that the new deadline is "definitely by the end of May." Davidson also told Gifts & Dec he doesn’t yet know whether the company will be sold to a purchaser who plans to continue the Pacific Rim brand in the gift industry. “There's interest around," he said. For more on Pacific Rim and the business cycle of major vendors, check out A Bit of History Repeating from the April issue of Gifts & Decorative Accessories.

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