Topco Sells Assets to Avoid Chapter 7 Bankruptcy
Posted: July 4, 2012
Major American adult novelties distributor Topco Sales has announced today that it has sold off the majority of its assets to World Sexy Manufacturing Investment LLC.
According to Topco officials all “inventory, equipment and means of production, packaging and shipping, as well as all trademarks, unexpired licenses and other intellectual property, including the Topco name and other business and brand names” have been sold to WSM Investment, while other assets have been signed over to Insolvency Services Group Inc.
Former parent company to Topco, Vast Resources Inc., have said that the move is the favoured alternative to Chapter 7 bankruptcy. “Because WSM’s highest priority is to maintain the loyalty of customers of the Topco brand, it currently plans to continue to produce and sell the entire Topco product line and to fill outstanding orders,” a statement read. “To help achieve these goals, Scott Tucker will be the CEO of WSM (dba Topco) and Michael Siegel will be its COO.
“Also, WSM has made arrangements to hire the key executive and sales personnel of Vast Resources with whom its customers and vendors have become used to dealing.”
World Sexy Management (WSM) have indicated that they are keen to make the transition as smooth as possible for customers and vendors. “The difference is that, moving forward, with the aid of the financial resources of WSM, customers will not experience the kind of delays and back order problems that they may have been experiencing lately with Vast Resources,” the statement continued. Creditors of Vast Resources/Topco will be contacted by the company relative to 30-day claims against Vast Resources.