Beverly Hills-Based First California Equity Group Bids for "Goody's" Name.

BEIJING & BEVERLY HILLS, Calif. -- Beverly Hills-based First California Equity Group, LLC today disclosed that it is the back-up bidder to acquire the trade name "Goody's" and its related intellectual property including over 20 trademarks, website and customer lists. The sale auction was held under authority of the Delaware Bankruptcy Court, where the company, Goody's Family Clothing Inc., was incorporated.

"There are many famous names in American retailing with considerable brand equity that have gone out of business," said First California CEO Jason Chung. "We are trying to restore them in the U.S. market. We intend to continue our efforts to acquire these iconic names in retailing and merchandising."

Chung explained the strategy, stating, "It is important to bring back jobs in the United States and for our overseas manufacturing partners. The American people need value-priced products now more than ever. Many good companies have gone out of business because of over-priced acquisitions and over-burdened balance sheets. We believe there is tremendous potential."

Goody's first filed for bankruptcy reorganization in October 2008 before subsequently announcing its plans to liquidate in January 2009 when it was unable to restructure terms with creditors. Since then, it has closed its 282 stores and liquidated its inventory and other assets. The company was based in Knoxville, Tenn. and was long considered one of the leading moderately priced retailing chains in the Southeast United States.

First California Equity said it is also in discussion to purchase famous names of other retailers who have recently gone out of business in other parts of the country.

First California Equity Group is a private-held acquisition and management company with properties and affiliates in California and China.