Rainbow To Open Bidding At $250K; Bids Due May 7th
    
May 06, 2014 15:30
| Source: Hilco Global
NEW YORK, May 6, 2014 (GLOBE NEWSWIRE) -- Hilco Streambank has announced that Rainbow Shops will be the stalking horse bidder in the Chapter 11 auction of Dots LLC intellectual property assets at an opening purchase price in the amount of $250,000. The bid deadline has been extended to 11:59PM ET Wednesday May 7th, 2014 to accommodate competing bidders. The auction was rescheduled to Friday May 9th, 2014. The marks include the well-known Dots® apparel and accessories brand, the Dots.com domain name, and the company's customer database. The assets will be sold to the highest bidder or bidders at the conclusion of the auction. The Dots brand was established in 1987 and became a leading retailer of women's apparel, footwear and accessories with approximately 400 stores in 28 states. After an extensive effort to restructure, the company filed for Chapter 11 bankruptcy protection on January 20th, 2014. Hilco Streambank has been hired to manage the process to monetize all of the intellectual property . "We have seen significant interest in the assets" said Jack Hazan, EVP of Hilco Streambank. "In addition to Dots being a recognized brand in women's apparel, we also view the brand, and particularly the domain name, to have broad application across many categories in both the retail and non-retail sectors. " Hazan said. Hilco Streambank indicated that it believes that the customer file is also quite valuable because it has been kept current and Dots has maintained effective communication with its customers through digital media. "Based on the reaction we have received from interested bidders for the Dots IP, we expect to see considerable competition from several bidders in this auction," said Mr. Hazan. Parties interested in finding out more about this sale should contact Hilco Streambank directly using the contact information provided below:
 Jack Hazan (212) 610-5663 


Stalking Horse Bidder Announced for Dots Intellectual Property

2014
Gordon Brothers Group to Close Dots Stores
Going-Out-of-Business Sales to Begin March 1st, Nothing Held Back
BOSTON, Feb. 28, 2014 /PRNewswire/ -- After over 25 years in business, Dots, LLC, an Ohio-based women's fashion discount retailer, is closing its doors. The company filed for Chapter 11 protection on January 20, 2014. On February 27th, Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, was awarded the store closing process for all locations by the bankruptcy court. Dots currently operates approximately 360 retail locations across the United States. Store closing sales will begin on March 1st and will involve significant discounts on all merchandise, as well as store furniture, fixtures and equipment in order to wind down company operations. Dots, known for its affordable women's fashion, has struggled against competition from both online retailers and other brick and mortar discount retailers that have greater resources and wider brand recognition. The retail chain has experienced trouble throughout the economic downturn with a significant decline in store traffic. Dots' financial difficulties have been exacerbated by a number of largely unsuccessful changes in product pricing and marketing, as well as a burdensome lease portfolio. "Our employees continue to do a tremendous job maintaining high quality standards and they are dedicated to fully serving our customers during this transition. We appreciate the continued support of our valued customers over the years and hope they take advantage of the significant savings during these sales events," said David Minnix, President of Dots. "This discount retailer is already known for its affordable pricing and we encourage customers to visit their local stores to find even greater discounts while the selection lasts," Rick Edwards, Co-President of Gordon Brothers Group's Retail Division, stated. Gordon Brothers Group's Retail Division will oversee the going-out-of-business sales on behalf of Dots in all locations. Store locations will remain open until all merchandise has been sold. All inventory will be on sale and discounts will begin at 20%. About Dots LLC
Founded in 1987 in Glenwillow, Ohio by Bob Glick, Dots is a discount retail chain that sells women's fashion and accessories. Dots operates approximately 360 retail stores across 28 states. The brand caters to women ages 25 to 35 who are both fashion and price conscious. Dots stores are primarily located in high traffic power centers, regional and community shopping centers. Dots is currently owned by Irving Place Capital, a middle-market private equity firm. About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group ( www.gordonbrothers.com ) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, and operating businesses for extended periods. Gordon Brothers Group conducts over $50 billion worth of transactions and appraisals annually.

Gordon Brothers Group to Close Dots Stores

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DOTS PLANS PRE-PACK BANKRUPTCY: Women’s value retail chain Dots is said to be planning a prepackaged bankruptcy filing, sources said. Financial sources said the company has been in talks to find a buyer, but that some of those discussions stalled. One source said that Dots’ current lender, Salus Capital Partners, is working on lining up debtor-in-possession financing. Executives at Salus declined to comment. This story first appeared in the January 21, 2014 issue of WWD. Subscribe Today. An individual familiar with the real estate market said there have been rumblings about store closures for the past month, although that was left up in the air while the chain was in talks to be acquired last month. Its locations are primarily in strip malls. Another market source said those discussions fell through last week. Dots, which operates more than 400 stores, is owned by Irving Place Capital. John Howard of Irving Place declined comment.


Dots Plans Pre-pack Bankruptcy

PE-owned Dots nets $51 mln from Salus Capital Partners
September 13, 2013
Dots said Friday that it has received $51 million in refinancing from Salus Capital Partners. A portfolio company of Irving Capital, Dots is a fashion retailer. PRESS RELEASE
GLENWILLOW, Ohio–(BUSINESS WIRE)–Dots, the fashion specialty apparel retailer, announced today that it has closed on a new four-year $51.0 million senior secured credit facility and term loan from Salus Capital Partners, LLC. The company expects that the funds secured through this refinancing will provide adequate liquidity to meet the company’s anticipated future operating needs. About Dots
Dots is a specialty store offering women’s fashion apparel and accessories at value prices. Dots prides itself in making looking good fashionable, fun, and achievable for multiple occasions. The company operates over 400 off-mall stores in 28 states, primarily in the Midwest, East and Southeast, and offers a wide variety of women’s clothing and accessories. About Salus Capital Partners
Salus Capital Partners provides secured asset-based loans to the lower and middle markets across a variety of industries with additional complementary financing throughout the capital structure. Salus Capital Partners is a direct originator of senior secured asset-based loans across North America and abroad with target transaction size ranges from $5 to $50 million, with the ability to hold up to $100 million and to syndicate larger transactions. As an SEC registered advisor, the Salus Capital Partners platform also serves as an asset manager for like-minded institutional investors such as community and regional banks, insurance companies, family offices, private equity funds and hedge funds who may lack the infrastructure and dedicated competency within senior secured lending. For additional information about Salus Capital Partners, please visit www.saluscapital.com.
 


PE-owned Dots nets $51 mln from Salus Capital Partners

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Dots, which is backed by Irving Place Capital, has hired Lisa Rhodes as its CEO. Rhodes if the form SVP of Wal-Mart’s U.S. apparel merchandising division. Also, Dots said Wednesday it planned to create a merchandise center in New York City. PRESS RELEASE
Dots today announced the next steps of its plan to grow into a 1,000-store, national fashion retailer. The company has hired Lisa Rhodes, former Senior Vice President of Wal-Mart’s U.S. apparel merchandising division, as CEO. The retailer also announced plans to create a Dots merchandise center in New York City. (Logo: http://photos.prnewswire.com/prnh/20081202/CLTU086LOGO )
“I am thrilled to have the opportunity to lead the Dots team into the future. The brand has amazing potential as Dots serves a dynamic, underserved, and fast-growing customer base. I am confident that the combination of our renewed focus on customer service with our ability to bring the right fashion trends into the store will capture the hearts and wallets of customers,” said Ms. Rhodes. Ms. Rhodes brings to Dots more than 30 years of experience in retail. Prior to her role at Wal-Mart, she spent 11 years as EVP/Chief Merchandising Officer for Maurice’s. Ms. Rhodes also previously worked at Charming Shoppes, Marshall’s, and Macy’s. “Lisa is a transformational leader,” said John Howard, CEO of Irving Place Capital, Dots’ private equity partner. “Her ability to focus on a clearly articulated strategy and the target customer has proven successful in driving both top and bottom line results.”
Rick Bunka will remain President at Dots, overseeing the balance of the corporate support functions in Glenwillow, Ohio, where the company’s store operations, distribution, financial, human resources, and information technology segments will stay. Mr. Bunka added, “These moves are a bold step to propel Dots into a true national retailer. Lisa’s skill set and experience will leverage the significant progress the Dots team has made in improving the shopping environment for our customers, developing our state-of-the-art distribution center, and enhancing our senior executive talent.”
“The entire Dots organization will benefit from Lisa’s retail expertise and from a real merchandising presence in New York City,” said John Howard, CEO of Irving Place Capital. “With Lisa’s and Rick’s stewardship, I am confident that the company is going to accelerate its growth trajectory.”
Dots currently has more than 400 stores in 28 states. Irving Place Capital made an investment in the company in January 2011. © 2015 Buyouts Insider / Argosy Group LLC


Dots Names Rhodes CEO

Gordon Brothers is a global advisory, restructuring and investment firm specializing in the industrial, consumer products and retail sectors. Gordon Brothers delivers valuation, disposition, operational and investment services worldwide on a multi-asset basis. The company was founded in 1903 and is based in Boston, Massachusetts.

Gordon Brothers

Hilco Merchant Resources provides a wide range of analytical, advisory, asset monetization and capital investment services to help define and execute a retailer's strategic initiatives.

Hilco Merchant Resources

Hilco Merchant Resources , LLC and joint venture partner , Gordon Brothers , will oversee the going-out-of-business sales on behalf of Simply Fashion and Dots .

Hilco Merchant Resources and Gordon Brothers to Close Simply Fashion and Dots Stores.

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Dots is a specialty store offering women's fashion apparel and accessories operating over 400 off-mall stores in 28 states, primarily in the Midwest, East and Southeast.

Name	Woody Scal
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Other Seats	Dots

Name	Chris Deaner
Work History	Zynga, Rokkan, Publicis Sapient, and Monster Worldwide
Title	Chief Technology Officer
Status	Former

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