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High-End Women’s Apparel Company, Searle™ Seeks Buyer to exit Bankruptcy
321 Capital announced today that it has been court appointed to sell the well-known, women’s apparel company, Searle™/Tom Jones Inc., as an entirety or in parts, through the U.S. Bankruptcy Court of the State of New York.
Searle, headquartered in New York, and perhaps best known for its Shearling winter coats, con-sists of 3 Retail locations in the affluent Upper East Side of Manhattan (Third Ave. and Madison Ave.), as well as a design and manufacturing facility in Long Island City, NY. Searle also oper-ates an online store via www.searlenyc.com with 1,000 unique visitors per day and has produced $2M in revenue for the company in 2011. Searle and Tom Jones Inc’s combined annual revenues are approximately $15M in 2010 and $14M in 2011.
This jointly administered bankruptcy case allows an investor/buyer the opportunity to acquire a brand 30 years in the making, with or without the turn-key manufacturing and retail operations. Other value added intellectual property such as the online store can be turned into “money mak-ers” in the hands of a better capitalized investor/buyer. Ownership has 50+ years in the fashion industry and can stay on if the new investors/owners prefer their participation.
Three Twenty-One Capital Partners LLC, headquartered in Baltimore, Maryland, is an interna-tional investment banking firm with over 30+ years of experience investing, owning, operating, buying, selling, and consulting over 400 companies, mostly in manufacturing and distribution. 321 Capital Partners provides solutions to middle market businesses including merger, acquisition, sale, equity or debt financing, and turn-around management. 321 Capital Partners’ principals are industry experts having owned, operated, bought and sold companies across virtually every spectrum of the manufacturing world.