Swoozie's, Inc. Gets Permission To Hold An Auction; Possible Buyer Looms

ATLANTA, March 12 /PRNewswire/ -- Swoozie's, Inc. today announced that it has received court approval to conduct a sale of all of its assets.  U.S. Bankruptcy Judge C. Ray Mullins of the U.S. Bankruptcy Court for the Northern District of Georgia issued an order on Wednesday, March 10th, allowing Swoozie's to conduct a sale of its assets.  An auction will be held at the offices of Alston & Bird, LLP in Atlanta, GA on Thursday, March 25th, 2010, starting at 10:00 a.m. Eastern Daylight Time.  Qualified Bidders must submit bids by 12:00 p.m. on Tuesday, March 23rd to be allowed to participate in the auction.  Judge Mullins also scheduled a hearing for Monday, March 29th to review the auction results.

Swoozie's also filed notice with the court that it has received a bid to purchase all of its assets from Hudson Capital Partners for approximately $5.340 million.  This bid sets the floor price for the sale and Swoozie's is seeking higher and better bids prior to and at the auction.

"This action is a necessary and responsible step to obtain the best value for all of our stakeholders," said Kelly Plank Dworkin, CEO of Swoozie's, Inc.  Ms. Dworkin also stated, "While this opening bid contemplates a complete liquidation, we continue to be encouraged about the level of interest that we have received to keep the Swoozie's brand and stores operating."

Any parties interested in learning more should contact Swoozie's legal counsel or financial advisor for additional information.

The company's legal counsel is Dennis Connolly and Wendy Reingold Reiss of Alston & Bird, LLP and the company's financial advisor is Lee Diercks of the Clear Thinking Group LLC.

For bankruptcy specifics, visit http://dm.epiq11.com/swoozies.

About Swoozie's, Inc.

Swoozie's, a luxury gift and paper retail chain, operating in 14 states with 43 locations was founded in 2001 in Atlanta, Georgia by Kelly Plank Dworkin and the late David Dworkin.  Swoozie's was built on a commitment to and a focus on the important events, celebrations and social occasions in life including weddings, baby showers, birthdays, anniversaries, holidays or simply family dinners.

Swoozie's specialty products include gifts, platters, wine glasses, 'entertaining ware', and invitation and paper assortment.  The personalization options at Swoozie's define one of the company's strongest competitive advantages in the current marketplace. Swoozie's offers and has nationwide partnerships with leading designers in wedding invitations and social stationery.  Other personalized options include stickers, jewelry, totes, bibs, towels, candles, aprons, blankets and more.

Swoozie's has 350 employees and is run by Chief Executive Officer and founder Kelly Plank Dworkin. The company web site is www.swoozies.com.

SOURCE Swoozie’s, Inc.