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Hilco Streambank is seeking offers to acquire the assets of no-tie shoelaces brand HICKIES. The assets include a robust global intellectual property portfolio, including patents, trademarks, and domain names, an e-commerce storefront, inventory, social media assets, and more (the “Property”). The company’s CEO is also available to provide transition services to offer know-how and for maintaining continuity of the business.

Alternatively, the Lender is also willing to sell, through a private transaction, its position under the loan documents providing for a security interest in the Property. Contact Hilco Streambank to learn more.

BID DEADLINE 
May 20, 2021 at 5:00 pm ET

AUCTION
May 25, 2021 at 12:00 noon ET

The sale of the Property is being conducted pursuant to Article 9 of the Uniform Commercial Code by Hilco Streambank as agent for Midcap Funding XVII Trust, a secured lender (the “Lender”). The auction, if conducted, will take place via video conference.

 

THE ADDRESSABLE MARKET AND THE HICKIES BRAND FOOTHOLD IN IT

The global athletic footwear market reached $71.8 billion in value in 2020, with an expected CAGR of 4.9% from 2020 to 2027. Analysts project an expansion of the market to reach a value of $100.3 billion by 2027.1 In 2019, over 24 billion pairs of shoes were manufactured globally.2

HICKIES disrupted the massive footwear market by creating a patented no-tie shoelace that turns any shoe with shoelace eyelets into a comfortable slip-on. The HICKIES no-tie lace is an attractive and superior design to both traditional laces and no-tie alternatives such as Velcro, dials, or lace fasteners because of HICKIES’ design, durability, comfort, and affordability.

The brand developed worldwide recognition through direct sales, marketplace sales, and recognized major retail partners in 29 countries. These sales generated more than $60 million in revenue since 2015. Brand recognition grew through collaborations with market leaders in the sportswear and crystal glass industries. Given its recognition and growing popularity, the HICKIES brand is uniquely poised to capitalize on an exploding footwear market.

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ROBUST INTELLECTUAL PROPERTY PROTECTION

Over 100 internationally registered patents throughout the US, the EU, China, Japan, Australia, Brazil, Mexico, and elsewhere, have created robust and broad protection for the HICKIES no-tie system, which preempts a significant swath of similar products. Registered patents protect numerous embodiments beyond the current HICKIES products.

Hickies Promo Video

DILIGENCE AND TRANSITION SUPPORT

The HICKIES founder/CEO is available to answer diligence questions about the business, the breadth of IP protection, and the product, and he is available to facilitate calls with third parties (including the manufacturer, the warehouse, and marketplaces) that have historically supported the company. He is also available to provide transition support for the buyer.

ASSETS AVAILABLE FOR SALE

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The Lender, its agents, and representatives make no representation or warranty, express or implied, as to the ability to deliver possession of the listed available assets and/or the Property, including but not limited to, any tangible Property and/or any third-party contracts or relationships.

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BID DEADLINE 
May 20, 2021 at 5:00 pm ET

AUCTION
May 25, 2021 at 12:00 noon ET

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SALE PROCESS

A sale of the Property will be conducted pursuant to Article 9 of the Uniform Commercial Code by Hilco Streambank, as the agent for the Lender. A public auction will be conducted via a videoconference platform. Contact Hilco Streambank regarding the sale process, the Property, and for access to a virtual data room. The Lender reserves all rights to conduct a private sale of the Property and to cancel the public sale auction without further notice.
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Liens, Claims and Encumbrances; As Is, Where Is; Disclaimer

The Property will be sold free and clear of Lender’s lien and any subordinate security interests in the Property actually sold, subject to taxes, special assessments, liens and charges that remain unpaid and unsatisfied (which will not be paid by Lender unless otherwise agreed in writing). The Property is being sold “AS IS” and “WHERE IS” without representations, warranties or recourse to the Lender and its attorneys, agents, or representatives. Without limiting the generality of the foregoing, the Lender EXPRESSLY DISCLAIMS AND EXCLUDES ALL WARRANTIES, EXPRESS AND IMPLIED, OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE with respect to the Property. Lender disclaims all warranties of title, possession and quiet enjoyment. By its acceptance of any of the Property, a buyer acknowledges and agrees that Lender is not a merchant with respect to the Property and that the buyer has inspected the Property and is solely responsible for all defects and deficiencies. Lender further disclaims all financial, sales and other disclosures herein related to HICKIES, all of which has been disclosed by HICKIES and has not been subject to independent verification or confirmation by Lender.

1 Source: “Global Athletic Footwear Industry (2020 to 2027) - Key Market Trends and Drivers,” Business Wire, Mar. 11, 2021.
2 Source: M. Shahbandeh, “Quantity of footwear produced worldwide from 2015 to 2019,” Statista, Nov. 23, 2020.