Genesis Direct Sells Remaining Business Operations

Share this content:
Genesis Direct Inc., Secaucus, NJ, which filed for bankruptcy protection in August, last week said it has agreed to sell the remainder of its ongoing business operations to GE Investment Private Placement Partners II, a private equity firm that was the highest bidder at a bankruptcy auction last month.

The firm agreed to pay $7.7 million for the assets of and The Voyager's Collection, $2.6 million for the assets of The Edge Company Catalog and will assume certain liabilities up to $400,000. The transactions are expected to close this month. The sales follow the sale in early December of Genesis's Carol Wright catalog business to Dr. Leonard's Healthcare Corp. for $3.8 million plus royalties.

The proceeds of these sales will be used to repay the company's secured credit facility, to pay for administrative functions associated with the bankruptcy filing and to fund payments to the company's pre-petition creditors. The company said it did not anticipate that any funds would be available for shareholders.

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

USAData helps businesses find new customers and grow their current customers through a combination of data and digital marketing services, and easy-to-use SaaS technology products. We enrich customer data so businesses can more effectively target and communicate with customers, and connect them with their best look-alike prospects through digital and traditional channels. We make it easy through simple, self-serve applications and APIs, as well as through full-service programs managed by our Data and Digital experts. 

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above