Auctioning4u announced it has signed an agreement to buy the assets of iSold It UK, which went into receivership. Both companies operate eBay drop-off stores in the United Kingdom, but with different business models.
iSold It UK had the rights to sell franchise stores in the UK under an agreement with iSold It LLC, headquartered in the US. Each location was a stand-alone operation that marketed their services and listed items for consignors. iSold It UK went into administration recently - a somewhat similar procedure to Chapter 11 in the United States, according to Auctioning4u CEO Christian Braun. That left four UK iSold It franchisees with stores already operating as well as up to 20 franchisees who had been close to signing leases for their locations, according to Braun.
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