Liquidators hired to clean out a closing retail store sell everything, down to the equipent and fixtures. Well, theoretically they do. Jay bought a handtruck from a closing Borders store, paid in advance, and was told to stop by the store to pick up the purchase later that month when the store actually closed. When he did, the store had closed, and all of the fixtures were gone, along with the liquidators. [More]
The decline in the “work clothing” market continues to take its toll. S&K Menswear are closing all 105 of their retail stores. The liquidation will be handled by Gordon Brothers, so don’t expect any actual deals. Going-out-of-business sales started on Thursday, May 21.
Mark Calisi, 47, who owns Eagle Auto-Mall in Riverhead, New York, says he was “devastated” to learn that his dealership would be closed. He said Chrysler accounts for a third of his business, which also sells Volvo, Mazda and Kia, and that on Thursday he had to sack 30 of his 100 employees.
CNN Money has posted an informative article about what happens at liquidation sales. Some of the people quoted are fairly critical, but even the liquidation company execs that are quoted admit that a liquidation sale doesn’t exist for the benefit of the consumer. Here are the highlights.
An independent contractor hired in connection…
Plans to auction off Linens ‘n Things were scrapped Monday night, says the Wall Street Journal, dooming the housewares retailer to liquidation by the end of the year. Apparently, no bidder was willing to offer more than the 475.5 million dollars offered by a group of liquidators who wanted to shut the retailer down.
Last week, Pennsylvania’s Attorney General filed a consumer protection lawsuit against the PA-based company Pure Weight Loss and its owner, Vahan Karian. Pure Weight Loss, which has about 400 stores nationwide, announced last December that it was going out of business, and yet continued to accept pre-payment from unaware customers up to four days after posting the announcement on its website. Since closing, it has failed to reimburse customers fees for unfulfilled contracts or deliver the supplies they’ve already bought.