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CHATSWORTH, Calif. — from www.xbiz.com – Topco Sales announced today that it has sold most of its assets to World Sexy Manufacturing Investment LLC.
Topco officials said all “inventory, equipment and means of production, packaging and shipping, as well as all trademarks, unexpired licenses and other intellectual property, including the Topco name and other business and brand names” have been sold to WSM Investment.
Other assets not included in the sale have been signed over to Insolvency Services Group Inc.
Vast Resources Inc., which previously was parent company to Topco, said the sale and assignment are an alternative to Chapter 7 bankruptcy.
“Because WSM’s highest priority is to maintain the loyalty of customers of the Topco brand, it currently plans to continue to produce and sell the entire Topco product line and to fill outstanding orders,” a statement read.
“To help achieve these goals, Scott Tucker [pictured] will be the CEO of WSM (dba Topco) and Michael Siegel will be its COO.
“Also, WSM has made arrangements to hire the key executive and sales personnel of Vast Resources with whom its customers and vendors have become used to dealing.”
WSM said it wanted to provide a seamless transition for customers and vendors.
“The difference is that, moving forward, with the aid of the financial resources of WSM, customers will not experience the kind of delays and back order problems that they may have been experiencing lately with Vast Resources,” the statement read.
Starting today creditors of Vast Resources/Topco will be contacted by the company relative to 30-day claims against Vast Resources.
Topco Sales began in 1973 as a Los Angeles-based adult novelty business, founded by Martin Tucker.
Scott Tucker, Martin Tucker’s son, now leads Topco Sales development and expansion as president and CEO.