Kogan Acquires Matt Blatt Intellectual Property
Matt Blatt has faced a challenging time over the past few years. He has fielded acquisition offers and faced the possibility of losing his company permanently. He believes that things won’t return to normal anytime soon and there will be a long recession. The company has $46.5 million in revenue for FY19, so it’s not clear whether it will survive the current economic climate.
Kogan buys Matt Blatt
The online retailer Kogan has announced that it has acquired the intellectual property of Matt Blatt, which closed down in May. Specifically, Kogan has purchased Matt Blatt’s warehouse stock and the intellectual property of the company’s previous owners.
The online firm has a long track record in the retail acquisition market. Last year, it bought the online operation of Dick Smith, another Australian furniture retailer. Matt Blatt, which sold replica products from Asia, generated $46.5 million in revenue last year. The company’s eCommerce business accounted for up to 25 percent of its sales. The company had previously announced that it was closing its retail stores due to COVID-19 but has since resumed trading via its website. Managing director Ruslan Kogan said the acquisition would further expand the company’s reach into the furniture industry.
The acquisition of Matt Blatt will enable Kogan to diversify its business portfolio. The company already sells electronics and other consumer products. It also has verticals in Cars, Energy, Insurance, and Furniture. Matt Blatt’s website will continue to operate as a part of Kogan. It will sell a range of products, including replica designer furniture and reusable shopping bags.
Badam Trading sells old stock
In April, Matt Blatt’s Badam Trading began selling old stock through the online marketplace GraysOnline. The deal was a major one for the online retailer, as it acquired the Matt Blatt business for $4.4 million. A spokesperson for the company said it acquired the intellectual property from the prior owners. The sale of old stock by GraysOnline will be investigated by the liquidator appointed by Adam Drexler.
The company, which is owned by Matt Blatt, shut down all of its retail outlets in late March. As of May 22, its realizable assets were just $500,000 and it owes more than $3 million in debt to creditors and staff. In addition, it was ordered to employ liquidators who will investigate its financial dealings and file a report with the corporate regulator.
Despite a $4.4 million fire sale, Matt Blatt failed to relaunch after the furniture company filed for liquidation last March. The furniture chain was forced to close its doors amid the COVID-19 pandemic that has gripped the country. Its founder, Adam Drexler, has tried to sell the chain, but has been unsuccessful.
Matt Blatt, a family-owned furniture business in Australia, is reportedly in financial trouble. He has since resorted to selling off his remaining stock on Grays Online. This included items that customers had already paid for. One of his customers, Julie Caridi, had purchased a set of 10 dining chairs from Matt Blatt in February. But when the stock arrived in Adelaide, he was unable to deliver it because of a coronavirus outbreak.
3,000 customers owed money
Matt Blatt is the Australian replica furniture chain that collapsed in late March and left some of its customers out of pocket. The store’s assets were sold for $4.4 million to a company called Kogan. Many of the customers had already paid for their furniture in advance. After reading a text message from the liquidator, the customers were told that the stores would soon be closed.
Kogan acquired the intellectual property from Matt Blatt’s prior owners for $4.4 million, and now plans to use it as a springboard for their new venture in the homes market. In April, Kogan said it acquired some of the intellectual property of the company from the previous owners. The liquidator appointed by Drexler will investigate the sale of the warehouse stock and the sale of the intellectual property to Kogan.
Impact on the automotive industry
In addition to being the owner of two New Jersey dealerships, Matt Blatt also operates two other businesses. These include Matt Blatt Kia and Glassboro Imports. The company also owns and operates a dealership in Egg Harbor Township, New Jersey. The company also operates as Matt Blatt Auto Sales, Matt Blatt Kia Egg Harbor Township, and Glassboro Imports, LLC. For any Further detail Please Visit This Site: