Rubie's

Source: Rubie’s Costume Co.

Substantially all assets of Rubie’s Costume Co. — which filed for Chapter 11 Bankruptcy protection in April — are headed to the auction block.

Qualified bids are being accepted through Sept. 16, with a Sale Hearing set to take place on Sept. 23 before the Honorable Alan S. Trust, U.S. Bankruptcy Judge. The sale includes assets from Rubie’s Costume Co. Inc., Forum Novelties Inc., Buyseasons Enterprises LLC, Masquerade, LLC, The Diamond Collection LLC, and Rubie’s Masquerade Company LLC.

The King – Elvis Presley Costume | Source: Rubie’s Costume Co.

On Aug. 4, Rubie’s revealed that it had a signed letter of intent (LOI) from an interested buyer dated July 31. Under the terms of the potential agreement, Rubie’s would be sold as a going concern “to a major, well-capitalized investment fund and a strategic operator (“Buyer”) who will form a new entity, Rubies II LLC (aka NewCo), together with the Beige Shareholders, who would hold a 30% stake in Rubies II.

The Sale Hearing will take place virtually by phone and/or by video conference at 10:00 a.m. (EST), Sept. 23 at the U.S. Bankruptcy Court for the Eastern District of New York, 290 Federal Plaza, Central Islip, New York 11722, Courtroom No. 960. Rubies II (NewCo) is serving as the Stalking Horse Bidder.

Prior to the COVID-19 pandemic, Rubie’s was looking forward to a big year filled with new licenses and product offerings, many of which have since been adversely affected by release date shifts caused by theater closures and production stoppage. The company holds licenses for Ghostbusters: AfterlifeTop Gun: Maverick,  Minions: The Rise of Gru, Marvel’s Falcon and the Winter Soldier, Marvel’s Eternals, Marvel’s Black Widow, and more — all of which have seen release dates pushed back, in some cases by a year or more.