Kid Brands looks to sell assets of two subsidiaries for $1.35 million

By Kali Hays

New York, July 24 – Kid Brands, Inc. is seeking court approval to sell the assets of subsidiaries Kids Line, LLC and Cocalo, Inc. to Crown Crafts Infant Products, Inc. for $1.35 million, according to a Thursday motion with the U.S. Bankruptcy Court for the District of New Jersey.

The bid of Crown Crafts is subject to higher or better offers from interested parties who have signed a non-disclosure agreement with Kid Brands.

Higher bids may be submitted during the sale hearing.

Assets included in the sale are all Kid Line and Cocalo liabilities, trademarks, brands and domain names.

According to the motion, Kid Brands is “unaware of any other parties that would submit a higher offer” than that of Crown Crafts and said that the delay and costs of further marketing and an auction “may negate any benefit to be derived through a public sale.”

Under the purchase agreement the sale must close by Aug. 31, and the company asked that a sale hearing be scheduled.

Kid Brands, an East Rutherford, N.J.-based designer, importer, marketer and distributor of infant and juvenile consumer products, filed for bankruptcy June 18. The Chapter 11 case number is 14-22582.

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