August 26, 2016 3:15 AM ET

Internet and Catalog Retail

Company Overview of Direct Brands, Inc.

Company Overview

Direct Brands, Inc. provides direct-to-consumer distribution services for media products. The company offers DVDs marketing and promotion services. The company operates the DVD club brand under the name of Columbia House. The company serves its members through its club catalogs and online. The company was formerly known as Direct Group North America, Inc. The company was founded in 2002 and is based in New York, New York. As of 2012, Direct Brands, Inc. operates as a subsidiary of Pride Tree Holdings Inc.

250 West 34th Street

1 Penn Plaza

4th Floor

New York, NY 10119

United States

Founded in 2002

Phone:

212-596-2116

Fax:

212-596-2626

Key Executives for Direct Brands, Inc.

Vice President of Sales/Public Relations
Chief Marketing Officer
Age: 55
Compensation as of Fiscal Year 2016.

Direct Brands, Inc. Key Developments

Motion for Asset Sale Approved for Direct Brands, Inc.

The US Bankruptcy Court approved the sale of substantially all the assets of Filmed Entertainment Inc. on December 15, 2015. As per the order, debtor has been authorized to sell substantially all its assets to Edge Line Ventures LLC for $0.43 million and assumption of liabilities, as per the agreement dated November 16, 2015. No auction was held as debtor received only one qualified bid from the buyer. Buyer and debtor entered into an amended agreement on December 12, 2015. Emanuel C. Grillo of Baker Botts L.L.P acted as legal counsel for the buyer.

Asset Purchase Agreement Filed by Direct Brands, Inc.

Filmed Entertainment Inc. filed an asset purchase agreement for the sale of substantially all its assets on November 16, 2015. As per the agreement dated, November 16, 2015, debtor will sell substantially all its assets to Edge Line Ventures LLC for $0.43 million plus cure amounts plus assumption of wind down costs and post-petition accounts payable. Buyer has deposited $0.05 million to the escrow account on October 22, 2015. Emanuel C. Grillo of Baker Botts L.L.P acted as legal counsel for the buyer.

Notice of Adjournment of Auction and Sale Hearing Filed by Direct Brands, Inc.

Filmed Entertainment Inc. filed a notice of adjournment of auction and sale hearing on November 5, 2015. The auction and sale hearing dates are adjourned to the dates to be determined, provided, debtor will provide not less than 5 days notice before the auction and hearing date.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
November 16, 2015
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