Pacific Rim expects March sale of assets

Staff -- Home Accents Today, 4/1/2007

Bidding closed March 7 for the assets of Pacific Rim Import, the Seattle-based company which went into court-ordered receivership in February.

John Davidson, managing partner of Inverness Group, said earlier he expected to make an announcement about a sale before month-end, but at press time none had been made. Davidson said earlier bids were expected from both direct and indirect competitors interested in buying the company assets as well as some interested only in buying inventory.

The Pacific Rim offering is global, he said, including the company's customer lists, trade names, logos, accounts receivable and inventory. The outcome of the bid, he said, will determine the extent of recovery by creditors. Davidson said after sale or liquidation of all assets, the receivership will direct distribution of net sale proceeds against creditor claims.

He said he is optimistic a quick sale is probable, which will help address immediate concerns of customers and overseas factories about current orders and allow the receivership to get the best price in order to pay creditors.

Pacific Rim, which operated 15 showrooms, has notified all landlords to end the relationships. Davidson said a few showrooms will be lighted during spring shows, but no orders will be taken.