Bidders scoop up Colibri assets
3:00 PM Fri, Mar 27, 2009 | Permalink
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The high-end cigarette lighters, Seth Thomas clocks, Movado watches and other brand-name accessories long under the umbrella of East Providence-based Colibri Group are now scattered across the country following last week's auction of many assets of the failed company. The invitation-only auction is part of the liquidation of the 81-year-old company that claims to have introduced the world's first automated cigarette lighter and which abruptly closed its doors in January.The state Superior Court is overseeing the sale of the company's assets and, according to records on file with court-appointed receiver Allan M. Shine, the two biggest buyers at the March 19 auction were Bidz.com of California and Alliance Time of New York. Bidz.com -- a Web-based company that auctions fine jewelry and upscale accessories -- spent about $5.9 million for Colibri's jewelry lines, which include Krementz, Daring Diamonds and Dolan Bullock. A Bidz.com spokesman Friday said the Colibri jewelry it acquired will be sold on the Internet. No decision has been made as to whether the patents and molds will be used for future manufacturing. Alliance Time, a major distributor of jewelry, watches and accessories, paid about $2.3 million for Colibri's signature line of cigarette lighters, plus clocks under the Seth Thomas and Linden Clocks names. In a statement, Alliance Time said it will market the products to large and mid-size retailers across the country. "Colibri, Seth Thomas and Linden are well-known brands with a history of quality and consumer appeal," Eli Katz, president of Alliance Time's retail division, said. He noted that Seth Thomas is the oldest clock maker in the country and the manufacturer of the giant clock in New York's Grand Central station. Colibri's closure sparked protests from its roughly 280 employees, some of whom attempted to block the auction. Alliance has raised the possibility of hiring some former Colibri employees, asking them to contact Alliance. "We would be remiss if we didn't explore tapping into the people and resources that previously served Colibri, Seth Thomas and Linden well," Katz said. According to court records, Colibri's assets have to be sold to pay off debts that include $14 million each to HSBC Bank and Sovereign Bank. Other successful bidders at the auction were from Texas, Long Island and Rhode Island. Cranston-based JJI International Inc., for example, purchased all Colibri products bearing the Movado name. Shine, the attorney appointed by Superior Court Judge Michael A. Silverstein to handle the liquidation, said that a sale of Colibri's manufacturing equipment is scheduled for April 16 at 10:30 a.m. at the former Colibri facility at 100 Niantic Ave. in Providence. 
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