Boston - Gordon Brothers Group signed an agreement to purchase all Coby Electronics inventory, fixtures, equipment, intellectual property, global trademarks and patents and revive the business.
Gordon Brothers said it “will infuse capital into the company in support of the development of new products and go-to-market strategies for Coby that will enable an expedited return of the company’s various product lines to the marketplace.”
“As a niche market leader for over 25 years, Coby’s brand recognition and wide array of products leaves it well-positioned to continue successfully serving consumers in search of electronics at a popular-price point,” said Robert Himmel, co-president of Gordon’s commercial and industrial division. “Our goal over the next few months is to transform the structure of the company, allowing for a flow of new products into the marketplace in late 2013.”
Gordon Brothers said it recently turned around Polaroid, The Sharper Image and The Bombay Company and “continues to explore more brand redevelopment opportunities.” The company described itself as an advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors.
Coby Electronics, founded in 1991, had about $400M in annual sales, Gordon Brothers said. Coby offers tablets and netbooks, televisions, home theater systems, mp3 and mp4 players, speakers, home and portable stereos, digital photo frames, digital camcorders, headphones and other electronic accessories. Products are sold at major retailers in the U.S. and around the world, including Best Buy, K Mart, Wal-Mart and Amazon.com.