28 August 2009

Barnstorm assets for sale

Home and garden accents maker Barnstorm, founded in 1999 by Jeff Odell, is selling its assets (inventory, customer lists and data, intellectual property). Any interested party must submit a term sheet by Sept. 15, 2009. Parties are expected to have performed any due diligence prior to submitting a term sheet.
Contact: Grisanti, Galef & Goldress, Inc., Katie Goodman, Managing Partner, 404-293-0137 or 404-256-0003 x225. kgoodman@gggmgt.com
The following commentary is taken from Barnstorm documents:
"Rapid growth of the Company’s initial product line (home and garden products hand crafted from recycled materials) led to early product line expansion, with the Company acquiring its primary supplier in 2000. In 2004, the Company expanded its offerings, partnering with and importing from new overseas suppliers and diversifying into new product categories. Strategic relationships were developed with several talented artists to create new product assortments.
"During this time the company made several mistakes relating to the new importation strategy; management was not experienced with importing, leading to issues with inventory planning and quality control. These issues were compounded by a lack of financing, increasing overhead costs and a lack of infrastructure to deal with larger scale inventory management.
The Company took steps and returned to a cash break even point during 2009. However, these changes occurred too late. The company’s line of credit expired in July 2009 and its bank has been unwilling to renew or refinance. On August 6, 2009 Barnstorm voluntarily filed an Assignment for the Benefit of Creditors in Bartow County, Georgia. All assets of the company have been assigned and will be sold.
Barnstorm offers exciting and colorful products that sell through at retail and help the independent retailer maintain a unique look. The authentic reclaimed metal products, hand made in Quebec from antique maple sap buckets and salvaged tin from barn roofs, meet today’s consumer demand for simple, authentic hand crafts. Designs in the bird house and birdfeeder collections are both decorative and functional, blending antique reproductions with retro chic design. Products are produced in Canada, China, and India. All products are designed and developed by the company or its licensed artists, and are exclusive to the Company."

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