GREAT NECK. New York – August 10, 2011 – SB Capital Group, LLC, Worldwide Merchandise Resources Corporation, and Just Inventory Solutions, LLC announced today the formation of a joint venture to dispose of all remaining inventory of iconic gift maker The Russ Companies, Inc. The joint venture was the successful bidder of the inventory sold as a result of Chapter 7 proceedings in the United States Bankruptcy Court.
Inventory valued at more than $52 million at suggested retail will be liquidated to the last piece. In this historic event, buyers will be able to capitalize on one of the most widely recognized brands. Sold worldwide, Russ has made quality gift products from teddy bears and other plush toys, to gifts that preserve memories of life’s milestones and seasonal gifts that mark every festive occasion. Over the last few decades, gifts from Russ Berrie have touched almost every household across America, with licensed product including Barbie Pets, Curious George®, Raggedy Ann & Andy®, Scooby Doo®, Corduroy®, and The Simpsons®.
The joint venture released a statement saying “During its almost 50 years in business, The Russ Companies, Inc., has been a major force in the gift business. With its widespread availability and its unsurpassed reputation for quality, the Russ Berrie brand has set the industry standard. An event of this nature is historic, especially with a brand linked so inextricably with special occasions and good memories.”
The Russ Companies, Inc., has grown in scope, size and reputation since its founding by the late Russell Berrie in 1963. The Russ trademark, synonymous with quality gifts, has been on products available through the finest specialty and department stores, big box retailers, national and regional drug and grocery chains, local and national card and gift stores, book stores, and other fine retailers of every type.