Recently in liquidation Category
Appco, the Appalachian Oil Company, is liquidating its assets as part of a bankruptcy proceeding. Appco operates 47 convenience stores in Tennessee, Virginia and Kentucky in addition to its oil business. The stores are being offered for sale, with no set plan for new ownership.
After a long bidding battle, the Gottschalk's department store chain will be liquidated and all 58 stores will close. Gottschalk's filed for bankruptcy in January and explored a sale and other options before resorting to the liquidation. The action ends a 105-year-old California-based business; the stores will be closed by July.
You may not have expected to see the recession come to Reno and Vegas, and yet! Herbst Gaming will lose control of its 15 casinos in Nevada, Iowa and Missouri in its new bankruptcy filing; the company blames its expensive expansion in the Nevada market in 2007. And extremely troubled Progressive Gaming, which at one time provided gaming systems for casinos, filed for liquidation this week.
The 129 Boater's World stores in 27 U.S. states are being shuttered. Parent company Ritz Camera Centers Inc. (who knew?) filed for bankruptcy protection last month, and is attempting to raise cash by liquidating the boat stores' inventory. The company will also close 400 of its 800 camera stores.
Shabby Chic has begun liquidating its eight retail stores. The home goods line had quietly filed chapter 11 bankruptcy in January (so quietly, in fact, that Timely Demise didn't hear about it). A federal judge ordered the stores to liquidate as part of the bankruptcy proceedings. The liquidation does not include the Simply Shabby Chic line sold at Target. (This news will not be taken lightly at Timely Demise HQ, home to several Shabby Chic sheet sets.)
Creator Rachel Ashwell is retaining the rights to the Shabby Chic name and its designs, but it is unclear at this time whether the brand will continue, and in what form.
Bankrupt retailer Fortunoff is giving up on an acquisition and beginning liquidation sales today. Liquidators announced the sales would be business as usual and that they would honor outstanding gift cards. Fortunoff closed its flagship store at the start of February and entered into bankruptcy a few days later.
Fortunoff is an interesting bankrupty because of the fond memories people have of its family-owned roots. While its failure is a private-equity and debt-load story, many people remember it as the longtime regional retailer with family roots, making its closure a bit more poignant than other large stores.
Having failed to find a buyer, Circuit City is expected to announce its liquidation today in a court hearing. The company appears to have hired a liquidator and completed an asset auction. Circuit City has already closed around 20 percent of its stores as part of its previous bankruptcy filing.
French intimates producer and fashion distributor SIL Group is liquidating all its assets in obeyance of a court order. The company, which is owned by Eminence, another French firm, distributed brands such as Sonia Rykiel, Christian Lacroix, Cacharel, John Galliano and Kenzo. TD is still investigating the impact this will have on these brands' manufacturing and distribution.
Update: the full WWD report (linked above) notes that the brands mentioned above are all scrambling to find solutions for spring distribution, and are considering everything from new licensing deals to producing their own items. None of the brands are conceding spring sales at this point.
Contrary to earlier reports, Goody's Family Clothing is liquidating assets next week, just months after reorganizing. The company, which was in Chapter 11 from June to October, was unable to quell its lenders and continue operations.
An interesting article from ABC 15 in Phoenix notes liquidation sales aren't always a great deal. The sales are often conducted by a liquidator, not the original retail store; as a result, prices are reset to new profit expectations. Discounts are off manufacturer's retail price or even specially marked up prices, rather than the previous retail price. ABC 15's investigators found items at Linens 'n Things priced 12% above their original level and Circuit City TVs $200 more expensive than at Best Buy. Caveat emptor.
Retailer BTWW is beginning liquidation of all its stores. BTWW, which operates apparel stores in the midwest and west such as Western Warehouse and Boot Town, filed for bankruptcy earlier in the month, and hopes to use the holiday season to clear out inventory. BTWW had poorly performing stores, significant debt and failed attempts at restructuring before succumbing to its bankruptcy filing. The company was established in 1975.
Audio-visual specialist Tweeter is closing all its stores. The company was reportedly sold to a liquidation specialist last week and closed its distribution centers. The company has been in decline for several years but still has more than 100 stores.