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Streambank sets auction date for Whitehall's IP

September 01, 2009

Needham, Mass.--Streambank LLC announced today the sale dates for the intellectual property assets of now-defunct Whitehall Jewelers Holdings Inc.

According to a release from the Needham, Mass.-based financial advisory firm, the deadline for bids is 4:00 p.m. on Sept. 10, while the auction is slated for Sept. 15 at 10:00 a.m. at the New York law offices of Proskauer Rose LLP.

Qualified bidders can participate in the auction via telephone.

Among the IP assets for sale are four trademarks, three service marks and 15 foreign trade and service marks, including Whitehall, Lundstrom and Marks Bros., as well as eight URLs.

Also included in the sale is Whitehall's proprietary Whitestar diamond cut and Whitehall's customer mailing list, which is available to qualified bidders meeting certain bankruptcy-court-imposed restrictions.

"Whitehall Jewelers is nationally recognized, with a brand built over more than a century of providing high-quality engagement and wedding rings, as well as jewelry for other special occasions," Gabe Fried, founder and managing member of Streambank, said in the release. "We are optimistic about interest in these assets, particularly the well-known Whitestar brand."

Founded in 1895 as Marks Bros. Jewelers, Whitehall reported that it operated 373 stores in 39 states at the time of its voluntary Chapter 11 bankruptcy protection filing in June 2008.

In National Jeweler's 2008 State of the Majors report--the final time the retailer appeared on the annual list--Whitehall ranked No. 3 on the list of Top 50 North American Jewelry Chains by store count, with more than 300 stores.

The company's stores were liquidated following unsuccessful attempts to find a buyer for the retail chain or secure additional financing.

According to the release, Streambank was retained in June to undertake the marketing and sales efforts for the brand's IP portfolio.

Anyone wanting additional information about the sale can contact Streambank at (781) 444-4940.
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