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Envelope-to: bmiller@thelogomasters.com
Delivery-date: Wed, 24 Apr 2019 13:19:48 -0500
Message-ID: <13f5b595-4859-4e40-b4cf-79b418581d62@atl1s07mta846.xt.local>
Date: Wed, 24 Apr 2019 12:19:05 -0600
Subject: Breaking News: Judge Orders Liquidation of Heritage Sportswear 
From: Counselor PromoGram <counselorpromogram@asicentral.com>
To: bmiller@thelogomasters.com
MIME-Version: 1.0
Content-Type: multipart/alternative;
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 Content preview:  Counselor PromoGram Breaking News Alert Breaking News: Judge
    Orders Liquidation of Heritage Sportswear A federal judge on Wednesday issued
    an order that allows Heritage Sportswear (asi/60582), the 10th largest supplier
    in the promotional products industry, to be liquidated. Relatedly, Heritage’s
    top [...] 
 
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Counselor PromoGram
Breaking News Alert

Breaking News: Judge Orders =
Liquidation of Heritage Sportswear=20

A federal judge on Wednesday issue=
d an order that allows Heritage Sportswear (asi/60582), the 10th largest su=
pplier in the promotional products industry, to be liquidated. Relatedly, H=
eritage=E2=80=99s top executive, President Tom Witthuhn, is no longer with =
the Ohio-headquartered firm, Counselor has learned.

U.S. District Judg=
e Mark H. Cohen=E2=80=99s order allows for Heritage=E2=80=99s receiver Gene=
 R. Kohut =E2=80=93 a kind of financial overseer =E2=80=93 to begin the ord=
erly wind down of the supplier=E2=80=99s operations. The order also authori=
zes a third-party firm that specializes in liquidation, Hilco Merchant Reso=
urces, to sell off Heritage=E2=80=99s assets. Proceeds from the liquidation=
 will go to Atlanta, GA-based Cadence Bank.=20

As one caveat, the order =
states that Top 40 supplier Gildan (asi/56842) can recover its fleece inven=
tory that Heritage had been holding under consignment agreements. Heritage =
has been a Gildan wholesaler.=20

The liquidation comes following a perio=
d of financial difficulty for Heritage, which employs approximately 350 peo=
ple and which had revenue of nearly $150 million in 2018, according to cour=
t papers. Extensive attempts to sell Heritage or generate new investment th=
at would keep the business viable failed, according to court filings. Couns=
elor first broke news of Heritage=E2=80=99s looming liquidation and has con=
tinued to report on the court case.=20

For more information on this and =
other important promo products news, head to www.asicentral.com/news and fo=
llow Counselor=E2=80=99s twice-weekly newsletter, PromoGram, publishing Tue=
sdays and Thursdays. =20


=C2=A0=C2=A0=C2=A0
Advertising Specialty I=
nstitute=C2=AE, 4800 Street Road, Trevose, PA 19053
For questions/inquiri=
es or to unsubscribe from all ASI emails, please contact our Customer Servi=
ce Team at CustomerService@asicentral.com
This email was sent to: bmiller=
@thelogomasters.com 8366064
Unsubscribe from ASI Promogram: https://go.as=
icentral.com/unsubscribe/u/148181/8bcfdc436833fe8b3be168f56da27bca941775ee3=
3b97fbf71886bc59f946403/437122394

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&nbsp;

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ounselor PromoGram</font></strong><br>
=09=09=09=09=09=09=09=09=09<font f=
ace=3D"Arial, Helvetica, sans-serif" size=3D"4">Breaking News Alert </font>=
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<strong><font face=3D"Arial, Helvetica, sans-serif" size=3D"2"><!-- Insert =
Article Title  --></font></strong></p>

<p><span style=3D"font-size:12p=
x;"><span style=3D"font-family:verdana,geneva,sans-serif;"><strong>Judge Or=
ders Liquidation of Heritage Sportswear</strong><br>
<strong><!-- END Art=
icle Title  --> </strong></span></span></p>
<span style=3D"font-family:ve=
rdana,geneva,sans-serif;"><span style=3D"font-size:12px;"><!-- Paragraph 1 =
--></span></span>

<p><span style=3D"font-family:verdana,geneva,sans-se=
rif;"><span style=3D"font-size:12px;">A federal judge on Wednesday issued a=
n order that allows Heritage Sportswear (asi/60582), <a href=3D"https://go.=
asicentral.com/e/148181/018-no-10-heritage-sportswear-/47b2mp/437122394?h=
=3DQ0-1S15-Nmgf_E5Gxnlf5o8Wz05fzEaZBLRt874jGuo">the 10<sup>th</sup> largest=
 supplier in the promotional products industry</a>, to be liquidated. Relat=
edly, Heritage=E2=80=99s&nbsp;top executive, President Tom Witthuhn, is no =
longer with the Ohio-headquartered firm, Counselor has learned.<br>
&nbsp=
;<br>
U.S. District Judge Mark H. Cohen=E2=80=99s order allows for Herita=
ge=E2=80=99s receiver Gene R. Kohut =E2=80=93 a kind of financial overseer =
=E2=80=93 to begin the orderly wind down of the supplier=E2=80=99s operatio=
ns. The order also authorizes a third-party firm that specializes in liquid=
ation, Hilco Merchant Resources, to sell off Heritage=E2=80=99s assets. Pro=
ceeds from the liquidation will go to Atlanta, GA-based Cadence Bank.<br>=

&nbsp;<br>
As one caveat, the order states that Top 40 supplier Gildan=
 (asi/56842) can recover its fleece inventory that Heritage had been holdin=
g under consignment agreements. Heritage has been a Gildan wholesaler.<br>=

&nbsp;<br>
The liquidation comes following a period of financial diffi=
culty for Heritage, which employs approximately 350 people and which had re=
venue of nearly $150 million in 2018, according to court papers. Extensive =
attempts to sell Heritage or generate new investment that would keep the bu=
siness viable failed, according to court filings. <a href=3D"https://go.asi=
central.com/e/148181/ortswear-should-be-liquidated-/47b2mr/437122394?h=3DQ0=
-1S15-Nmgf_E5Gxnlf5o8Wz05fzEaZBLRt874jGuo">Counselor first broke news of He=
ritage=E2=80=99s looming liquidation</a> and has continued to <a href=3D"ht=
tps://go.asicentral.com/e/148181/quidating-heritage-sportswear-/47b2mt/4371=
22394?h=3DQ0-1S15-Nmgf_E5Gxnlf5o8Wz05fzEaZBLRt874jGuo">report on the court =
case</a>.<br>
<br>
For more information on this and other important pro=
mo products news, head to <a href=3D"https://go.asicentral.com/e/148181/new=
s/47b2mw/437122394?h=3DQ0-1S15-Nmgf_E5Gxnlf5o8Wz05fzEaZBLRt874jGuo">www.asi=
central.com/news</a> and follow Counselor=E2=80=99s twice-weekly newsletter=
, PromoGram, publishing Tuesdays and Thursdays.</span></span><br>
&nbsp;<=
/p>

<p>&nbsp;</p>

<p>&nbsp;</p>
<!-- End Paragraph 5 --></td>=

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