W-C moves to sell off assets

-- Home Textiles Today, 9/24/2009 12:15:00 PM

Santa Ana, Calif. – The bankruptcy court here has set Oct. 15 as the date to consider the sale of W-C Designs’ assets.

The company argued in a court filing that auctioning off its assets would yield “substantially more” than a liquidation, which it projects would raise just $200,000.

Court documents assert W-C has been seeking buyer since June, but was told by all interested parties they would only acquire the business through a Chapter 11.

Since filing for bankruptcy earlier this month, the company said, 14 prospective buyers have signed confidentially agreements and undertaken due diligence, with 10 parties still interested in bidding on the firm.

Assets outlined for sale in court include raw goods, materials inventory, customer lists, open purchase orders, trademarks and certain copyrighted designs as well as furniture, fixtures and other office equipment and supplies. The trademarks include Waterford, Calvin Klein, Casa Cristina, Monique Lhuillier, Royal Daulton and Tabletops Unlimited. Acquisition of the trademarks is subject to approval by each licensor.

W-C told the court that without a rapid asset sale, the company would be forced to liquidate.