Proteam.com Assets to be Auctioned Dec. 14
Genesis Direct, Secaucus, NJ, doing business as Proteam.com, will put its assets up for sale at a bankruptcy auction Dec. 14, at the U.S. Bankruptcy Court, King Federal Building, Newark, NJ.Proteam.com -- a multi-title catalog and e-commerce marketer of sports equipment and accessories through several catalogs and web sites, including Proteam, NASCAR, Hot off The Ice and Nothing But Hoops, as well as The Edge, its gift catalog, and The Voyager's Collection, an in-flight catalog -- filed for Chapter 11 bankruptcy protection in August.
The auction will include its combined customer databases of about 4 million names and $20 million worth of inventory. Cox Communications and World Color Press are two creditors among several who are owed money.
Pending final approval, its Carol Wright Gifts catalog inventory and database will be acquired by Dr. Leonard's, a health and fitness products company, next month.
Calls to Genesis Direct were not returned, but Genesis executives are optimistic that the business itself can survive. "Genesis Direct expects to have the companies at break-even in 2000, and show profits of $3.1 million and $6.9 million on an EBITDA basis in 2001 and 2002, respectively," according to a statement released by the company. It also is projecting $12 million in Web-generated sales for 2000.
