Ricardo Beverly Hills, one of the nation’s largest luggage companies, has acquired the assets of Skyway Luggage, a brand name that was put into receivership last year.
Ricardo Beverly Hills, which was founded in 1978 and is based in La Mirada, did not say how much it paid for family-owned Skyway, which was placed into receivership in June as an alternative to bankruptcy.
“The acquisition of Skyway plays an important strategic role in the growth of Ricardo Beverly Hills,” Chief Executive Robert Dodson said in a statement late Thursday. “Skyway is a trusted global brand and has been in business over 100 years, with a strong presence both in the United States and abroad. This is truly a milestone in our company’s history.”
Skyway was founded in 1910 as Seattle Suitcase Trunk and Bag Manufacturing. At the time of the receivership, it products were being made in China under contract and sold under brands that include Eddie Bauer, Sigma3 and Vector.
Skyway estimated its liabilities at $16.4 million, with assets at $26.7 million that reportedly included a $14.7 million note due for a loan made by the company to an unnamed Skyway shareholder.
“I believe that the future of the luggage industry lies in consolidations and efficiencies at the wholesale level, just as we have seen among retailers,” said Henry “Skip” Kotkins, former Skyway chairman and grandson of the company’s founder. He is also chairman of the Seattle Metro Chamber of Commerce.
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