Rock & Republic to Auction Denim, Cars, Among Assets
In the wake of the Rock & Republic bankruptcy, thousands of blue jeans, rolls upon rolls of denim and a host of unusual cars—including a vintage classic—are being auctioned off later this month to pay creditors.
Great American Group, based in Woodland Hills, Calif., is supervising the auction, which takes place July 26 at a warehouse in Commerce, Calif.
Among the standard apparel equipment and office furniture up for sale is an unusual collection of cars used by Rock & Republic executives. They include a rare 1965 Shelby Mustang BT 350 SR, a 2006 Bentley Continental Flying Spur, a 2006 Aston Martin V8 Vantage and a 2006 Mercedes-Benz C230. More-run-of-the-mill cars to be auctioned off include two 2006 Volkswagen Touaregs, a 2008 GMC Sierra 1500 truck and a 2005 Ford van.
Other auction items include more than 25 late-model Juki sewing machines; garment pattern equipment; 15,000 pairs of Rock & Republic jeans; 23,000 pieces of men’s, women’s and children’s samples; a large collection of sample shoes, cosmetics and sunglasses; trade show displays; and Mac and Dell computers. Great American was appointed the auctioneer by order of the U.S. Bankruptcy Court’s trust-plan administrator, who is handling resolution of Rock & Republic’s debt.
Interested buyers can view the merchandise at 7355 E. Slauson Ave. in Commerce between 10 a.m. and 4 p.m. on July 25 and between 8 a.m. to 10 a.m. on July 26, the day of the auction, which begins at 10 a.m. The auction also is being conducted through a live webcast.
Rock & Republic, founded in 2002 by Michael Ball, fell on hard times last year when a $15 million loan extended by Richie Koral, a Los Angeles off-price clothing vendor, was due on April 2, 2010. Unable to pay off the loan, Rock & Republic filed for Chapter 11 bankruptcy on April 1, 2010. The brand was one of the high-flying Los Angeles premium-denim labels that sold for as much as $300 a pair when consumers were flush with cash before the recession began in late 2007. In 2009, Rock & Republic had revenues of $98 million.
VF Corp. bought the Rock & Republic brand in late March for $57 million. It was the first deal for VF’s new Licensed Brands group, formed in July 2009. Weeks later, VF Corp. announced it had signed a long-term licensing deal with Kohl’s, a Menomonee Falls, Wis.–based chain of mid-tier department stores.
The Rock & Republic label will debut in the chain’s 1,097 stores in spring 2012. Initially, Rock & Republic products will be for men’s and women’s apparel and footwear, but later it may branch out to children’s, accessories and home.
VF Corp. will manufacture the supply of denimwear for Kohl’s, which will design and source the rest of the categories out of its New York design office. The new array of Rock & Republic apparel and footwear will be carried in the retailer’s contemporary department.
For more information on the Rock & Republic auction, visit www.greatamerican.com.—Deborah Belgum
