Ward's Hires Firms to Sell Intellectual Assets
U.S. Bankruptcy Court in Delaware approved the measure yesterday, and it takes effect immediately.
The deal will encompass all of the company's properties, including Montgomery Ward core and catalog brands; Lechmere properties, including Auto Express, Electric Avenue, Gold 'n Gems and Northwest Blue Concept Brands; and private-label brands Hill & Archer, Ship 'n Shore, Color Connections, Pure Luxury and Home Solutions.
Montgomery Ward, Chicago, one of the first general-merchandise catalog companies, ceased operations in December and began bankruptcy proceedings.
The company ended its catalog operations in 1985 and launched a specialty store strategy that included Electric Avenue and Auto Express. Three years later, senior Montgomery Ward management completed a $3.8 billion leveraged buyout of the company. In 1991, it resumed its mail-order business but sold it in 1996.