Hilco Streambank has been hired, subject to bankruptcy court approval, to assist Draw Another Circle, LLC d/b/a Hastings Entertainment in the sale of its intellectual property assets. The assets include all IP associated with the Hastings®, MovieStop® and Tradesmart® brands. The sale is being conducted pursuant to Section 363 of the Bankruptcy Code in the Draw Another Circle, LLC Chapter 11 case pending in the United States Bankruptcy Court for the District of Delaware. Parties interested in acquiring the IP assets have been asked to submit bids on or before Thursday, September 15, 2016 at 5:00 PM ET.
“The Hastings® brand has strong recognition by consumers in the new and used multimedia market throughout the Southern, Midwest, Northwest and Northeast U.S.” said Hilco Streambank CEO, Gabe Fried. "Over the last fifty years, the company has established itself as a leading multimedia entertainment and lifestyle retailer whose offerings include movies, video games and consoles, software, consumer electronics, comic books, collectible trading cards, action figures, recreation and hobby products, and related apparel and accessories, at competitive price points for both the newest releases as well as vintage products. By acquiring the MovieStop® brand from GameStop Corporation in 2014, Hastings Entertainment was able to provide their loyal customer base of over fifteen million with unmatched variety and quality in their movie product lines.”
Hastings Entertainment operated over 170 stores between each of their banners, as well as its e-commerce platform, www.gohastings.com, which generated approximately 70 million unique page views over the last year.
Hilco Streambank is a market leading advisory firm specializing in intellectual property disposition and valuation representing brands across various industries. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, and online sales through HilcoDomains.com and IPv4Auctions.com, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities. Hilco Streambank is part of Northbrook, Illinois based Hilco Global, a worldwide financial services company and a leader in helping companies maximize the value of their assets.