NEW YORK, July 15, 2011 /PRNewswire/ -- Halston, a portfolio company of Hilco Trading, LLC, today confirmed it has received an additional $7.5 million in capital from Hilco. It also confirmed that Harvey Weinstein and Sarah Jessica Parker have exited the company as board members and shareholders, effective immediately. All operations of the Halston business will continue to be managed by the current operating team and will not be impacted by the change.
"We are excited to make this investment which reinforces our commitment to the Halston brand. The current Halston operating team will remain in place and drive the continued successful growth and development of the business. We greatly appreciate Sarah Jessica Parker's strong leadership and unique creative vision. Thanks to her, the company has an elevated profile as we move forward," said Jeffrey B. Hecktman, Chairman and Chief Executive Officer of Hilco Trading, LLC. "Both Harvey Weinstein and Sarah Jessica Parker were integral to the re-launch of the Halston brand and a pleasure to work with. We wish them continued success in their endeavors, and look forward to unveiling new Halston initiatives that will carry the brand into the future."
Said Weinstein, who is Co-Chairman of The Weinstein Company, "In the first few years of The Weinstein Company, I was very interested in pursuing a diversified business model that went beyond entertainment, and my involvement in Halston reflected that. But over the past year or so, I realized that I wanted to concentrate my energies on entertainment, and I have been scaling back my work in other areas. The shift in direction at Halston came at an appropriate time for me to exit from the company. Hilco is well-positioned to lead Halston into the future, and I wish all involved much success."
Said Parker, "Harvey brought me into Halston as Creative Director. With Harvey exiting and in sync with the company's new direction, this feels like the right time for me to part ways with Halston."
Headquartered in Northbrook, Illinois (USA), Hilco is a privately-held, diversified financial and operational services firm that values and invests in business assets, including retail, consumer and industrial inventory, machinery and equipment, real estate, accounts receivable, intellectual property and going-concern enterprises. Over the years, Hilco has made successful strategic investments in iconic brand names and high-profile consumer companies, including Sharper Image, Polaroid, Ellen Tracy, Habitat (UK), BUT (France), Neiman Ranch, Linens 'N Things, White Hen Pantry, Denby Pottery, Tommy Armour Golf, Bombay Brands and Awrey Bakeries. Through an integrated platform of more than 20 business units in North America and Europe, Hilco helps companies and their professional advisors derive maximum value through asset valuation and monetization services, advisory and consulting services, and capital investments.