Hilco Streambank announced it is seeking offers to acquire the assets of staffing provider ShiftPixy and its affiliates. Miami-based ShiftPixy, which filed for Chapter 11 bankruptcy protection on Oct. 28 in Florida, was previously listed on the Nasdaq under stock symbol PIXY. 

Potential bidders can serve as a stalking horse bidder, according to Hilco Streambank. A stalking horse bidder is an initial bid on the assets of a bankrupt company, according to Investopedia. The proposed deadline for bids is Dec. 6, with an auction tentatively scheduled for Dec. 10. However, the dates are subject to bankruptcy court approval.

ShiftPixy’s cloud-based proprietary software platform provides on-demand workforce solutions for business clients and shift workers. The platform connects more than 88,000 shift workers to businesses, according to Hilco Streambank.

“The platform offers an end-to-end solution for meeting the needs of companies, staffing agencies and shift workers alike,” Hilco Streambank Chief Commercial Officer Richelle Kalnit said in a press release. “Utilizing artificial intelligence employed in the software environment and the mobile app, ShiftPixy recruits, onboards, schedules and manages shift workers based on the often-changing needs of clients in the light industrial, hospitality and healthcare industries.” 

ShiftPixy generated net revenue of more than $17 million in fiscal year 2023 and posted revenue of $13.8 million in the first nine months of its fiscal year 2024, which ended May 31. In its bankruptcy filing, it listed estimated assets of between $500,000 and $1 million and estimated liabilities of between $1 million and $10 million.

Two wholly owned affiliate companies — ShiftPixy Staffing and ReThink Human Capital — also filed for Chapter 11 bankruptcy protection. ShiftPixy Staffing listed estimated assets of zero to $50,000 and estimated liabilities of between $1 million and $10 million. ReThink Human Capital listed estimated assets of between zero and $50,000 and estimated liability in the same amounts.

Hilco Streambank is an appraisal and disposition services provider focused on intangible assets.