Bidz.com sells Colibri assets to Richline

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Bidz.com sells Colibri assets to Richline

April 20, 2009

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Culver City, Calif.--Bidz.com announced recently that it has sold all the intellectual property, trademarks and tools it acquired at the recent auction of jewelry manufacturer The Colibri Group to Richline Group Inc. for an undisclosed sum.

Bidz.com also agreed in principle to buy future closeouts from Richline on a non-exclusive basis, according to a press release.

Bidz.com Chief Executive Officer David Zinberg said in the release that the deal represents Bidz.com's "continued recognition and growing importance" in the jewelry industry.

"Our increased awareness, stature and financial position allow us to take advantage of important opportunities such as these. We look forward to continuing to work with the Richline Group in the coming months and years ahead," he said.

Richline, a wholly owned subsidiary of billionaire Warren Buffett's Berkshire Hathaway Inc., is a fine-jewelry manufacturer and importer of gold jewelry. Its portfolio includes a number of major brands, including Aurafin, Bel-Oro, Gold Expressions and Town and Country Jewelry.

Bidz.com paid $6 million for the assets of the now-defunct Colibri Group in March, after a judge placed the Rhode Island manufacturer into receivership because of financial struggles.

Brands included in the deal were Angelite, Darling Diamonds, Dolan and Bullock, Fingerprint Locket, Krementz, Little Miss Pride, Magical Years, Shiman, Sideways, Skal, Skalet, Taylor Avdeon and Van Dell.

Culver City, Calif.-based Bidz.com was founded in 1998 and is an online-only jewelry retailer, operating both the live auction site Bidz.com and the fixed price Buyz.com.

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