The US Bankruptcy Court gave an order approving the sale of the subsidiary of Kid Brands, Inc. on August 12, 2014. The debtor has been authorized to sell substantially all its assets of Sassy, Inc. to Sassy 14, LLC, for a purchase price of $14 million plus all Cure Amounts and Employee Costs plus an amount equal to any deposits or other payments related solely to manufacturing orders made by Seller pursuant to the asset purchase agreement dated July 25, 2014. As per the terms of the agreement, the buyer shall deposit $1 million within two business days pursuant to an escrow agreement.

The debtor's assets include accounts receivables, goodwill, inventory, etc. Kenneth A. Rosen, S. Jason Teele and Steven Skolnick of Lowenstein Sandler LLP acted as legal advisors to Sassy, Inc. and Louis A. Modugno of McElroy, Deutsch, Mulvaney & Carpenter, LLP acted as legal advisor to Sassy 14, LLC.