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Prospector
Profile
07.1073
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| The Rag Shops, Inc. |
NAICS |
453220 |
| 111 Wagaraw Road
Hawthorne, NJ 07506 |
Description |
Craft Stores |
| (973) 423-1303 |
Employees |
1381 |
| http://www.ragshop.com/about_us.cfm |
Revenue |
(mil) |
111.5500 |
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Income |
(mil) |
-0.7100 |
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Assets |
(mil) |
40.9100 |
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Liability |
(mil) |
17.4300 |
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(for the year ended 2003-08-30) |
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Category:
Section 363 Sales
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Event:
The Rag Shops, Inc. obtained permission from the U.S. Bankruptcy Court for the Eastern District of New York to conduct a sale of substantially all of its assets through a Court-approved auction. The Debtors, their financial advisors and its Official Committee of Unsecured Creditors believe that an expedited sale of substantially all of the Debtors' assets is absolutely necessary to preserve value for the Debtors' estates and creditors.
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Intellectual Property:
The Company's trademark "THE RAG SHOP" was registered with the U.S. Patent and Trademark Office on September 9, 1969 for fabrics, wearing apparel and home furnishings; and has been renewed through September 9, 2009. Variations of this mark have been registered by the Company to stand for its retail services and for numerous goods sold at its retail outlets. [SEC Filing 10-K/A 01-28-04]
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Description:
The Company offers a wide selection of value-priced crafts, fabrics, floral, framing, and related merchandise at over 60 retail locations in New Jersey, New York, Pennsylvania, Connecticut, and Florida. The Company filed for Chapter 11 protection on May 2, 2007 with the Bankruptcy Court for the Eastern District of New York (Brooklyn), case number 07-42283, before Judge Jerome Feller.
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Officers:
Stanley Berenzweig (Chair, CEO & Dir.); Jeffrey C. Gerstel (Pres. & Dir.); Steven B. Barnett (EVP & Dir.); Judith Lombardo (SVP & Dir.); Mario Ciampi (Dir.); Fred J. Damiano (Dir.); Alan C. Mintz (Dir.)
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Auditor:
Grant Thornton LLP
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Attorneys:
Christoper K. Kiplok, Esq. and James W. Giddens, Esq.; Hughes Hubbard & Reed LLP; New York, NY; (212) 837-6000
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Securities:
Common Stock-Symbol RAGS; Nasdaq;
4,797,983 common shares outstanding as of December 31, 2003.
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Notes:
As of March 3, 2007, the Company listed total assets of $35,301,000 and total liabilities of $52,532,000.
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