Pacific Rim Expects March Sale of Assets
from Home Accents Today -- Gifts & Decorative Accessories, 3/1/2007 1:29:00 PM
Seattle — Pacific Rim Import, a 30-year-old Seattle-based home accent and gift company that went into court-ordered receivership earlier this month, will be sold during March, according to John Davidson, managing partner of Inverness Group, the court-appointed receiver.
Davidson said Wednesday he is in active discussions with both direct and indirect competitors of Pacific Rim who are interested in buying the company assets as well as some interested only in buying inventory.
A bid deadline of March 7 has been established for final offers.
“Active discussions with both strategic buyers and with asset disposition buyers have been under way over the past two weeks,” Davidson said. “We are confident an announcement may be made by mid-March.” Davidson said there has been extraordinary interest from the company’s competitors who realize the value of Pacific Rim’s list of 22,000 customers, its network of sales reps and its relationships with overseas factories.
Davidson said he is optimistic a quick sale is probable, which will help address immediate concerns of customers and overseas factories about current orders and allow the receivership to get the best price in order to pay creditors.
Pacific Rim, which operated 15 showrooms located in most major market cities, has notified all landlords to end the relationships. Davidson said a few showrooms will be lighted during March markets, although no orders will be taken.
Davidson said after sale or liquidation of all Pacific Rim assets, the receivership will direct distribution of net sale proceeds against creditor claims.
