Contact Information
Robert Cribbs, CEO
JC International
616-745-0370
Theater Xtreme's Trademark and Intellectual Property Purchased, Company Poised for a Re-Launch
Grand Rapids, MI, 06/04/09 --JC International, an established specialty furniture company, has purchased Theater Xtreme's intellectual property, trademarks, logos, operational procedures, and rights to its enterprise resource planning platform. The purchase, which was approved by a U.S. Bankruptcy Court judge on May 28, 2009, effectively completed the liquidation of the former corporation which originally filed for Chapter 7 bankruptcy in late 2008.
"I've worked closely with the Company's team for many years," said incoming CEO Robert Cribbs. "During the bankruptcy proceedings we did substantial due diligence and found the Company's failure was not due to the business model, which is sound, but a lack of funding to help it reach its full potential. Its investment capital tightened significantly in the final months of operation. This fact was compounded by the structure of its financial relationship with Circuit City that has since gone out of business, and the high cost of being publicly traded," Cribbs added. He believes that since these problems have been eliminated through bankruptcy proceedings that TheaterXtreme can and will be fixed.
JC International, of which Cribb's also serves as CEO, will continue development of the increasingly popular RowOne furniture line, while reaching out to AV advisors to discuss expanding the line of products, made possible by the closure of so many stores in the industry.
According to Cribbs, the newly reformed Theater Xtreme needs to move quickly in order to take advantage of low-cost leases on first-tier locations, a flood of highly qualified talent currently on the market, and vendors eager to expand their sales bases as they fight declining sales. "The time is right to re-launch a truly visionary retail concept," he added.
About JC International and TheaterXtreme
JC International owns and operates Jasper Cabinet, a well established furniture company started in 1904 (www.jaspercabinet.com). Jasper Cabinet had been expanding into entertainment based furniture, as an addition to its current custom accent line. The purchase of the TheaterXtreme intellectual property is part of its plans to expand into retail, creating a venue for the sale of new furniture products, while continuing the goal of making TheaterXtreme a national model. JC international did not purchase the corporation or franchise operations of TheaterXtreme.
