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“Retailer Closing” indicators at a Purchase Purchase Child retailer within the Brooklyn borough of New York, on Monday, Feb. 6, 2023.
Stephanie Keith | Bloomberg | Getty Pictures
The New Jersey child retailer that purchased Purchase Purchase Child’s mental property from its bankrupt dad or mum firm Mattress Bathtub and Past additionally snatched up 11 of its leases and is well-positioned to reopen shops, courtroom information present.
Dream on Me Industries, a longtime provider to Purchase Purchase Child for cribs, strollers and different child items, purchased the leases at a bankruptcy-run public sale on Wednesday for a complete worth of about $1.17 million, information filed late Thursday present.
The corporate already purchased the infant chain’s IP, together with its trademark, enterprise information and web properties, for $15.5 million in an public sale late final month, however the deal didn’t embody holding Purchase Purchase Child’s shops open.
It isn’t instantly clear what Dream on Me plans to do with the 11 leases. The retailer doesn’t have a brick and mortar footprint and at the moment sells its items via a bunch of retail companions, together with Amazon, Kohl’s, Goal, Walmart and Residence Depot, in response to its web site.
Nevertheless, Dream on Me may use the Purchase Purchase Child IP property it already obtained – plus the leases – to reopen the beloved chain.
The retailer didn’t instantly return a request for remark.
Lengthy thought-about the crown jewel of Mattress Bathtub and Past’s empire, bidders had primarily been concerned with Purchase Purchase Child after its dad or mum firm declared chapter in late April and introduced it could host a sequence of auctions for its property.
Some bidders had been concerned with holding the chain’s shops open, however in the end, no viable bids emerged.
Go International Retail, a model administration agency that owns youngsters’s attire firm Janie and Jack, tried to bid on Purchase Purchase Child as a going concern to maintain shops open, however the deal in the end fell aside, CNBC beforehand reported.
About three months into liquidation gross sales on the chain, little or no stock is leftover, CNBC beforehand reported. If the shops have been to reopen below new possession, they’d seemingly should be closed briefly with the intention to be restocked, which Dream on Me is well-positioned to do.
The leases Dream on Me gained at public sale, that are thought-about to be in prime actual property areas, are primarily dotted throughout the Northeast.
4 of the leases are in New Jersey, situated in Paramus, Bridgewater, Woodbridge Township and Cherry Hill. Two are in New York whereas the remaining are in Maryland, Delaware, Massachusetts, Connecticut and Virginia.
Dream on Me, based in 1988, has at the least six manufacturers below its portfolio, together with Evolur Child, Sweetpea Child and Slumber Child.
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