Coby Purchased by Gordon BrothersAugust 29, 2013
Coby Electronics' trademarks, patents, intellectual property and materials have been purchased by Gordon Brothers Group, the company announced Wednesday. The purchase price was not disclosed.
Gordon Brothers said in the announcement that it plans to "infuse capital into the company in support of the development of new products and go-to-market strategies for Coby that will enable an expedited return of the company's various product lines to the marketplace."
Coby had announced a restructuring and layoffs in May.
"As a niche market leader for over 25 years, Coby's brand recognition and wide array of products leaves it well-positioned to continue successfully serving consumers in search of electronics at a popular-price point," Robert Himmel, Co-President, Commercial & Industrial Division, Gordon Brothers Group, said as part of the announcement.
"Our goal over the next few months is to transform the structure of the company allowing for a flow of new products into the marketplace in late 2013."