The bankruptcy and liquidation of hhgregg is terrible for the retailer’s employees and retail landlords, but someone may benefit from the retailer’s downfall. Best Buy has a national presence and a large overlap with what hhgregg sells, and is in a position to pick up some of the retailer’s former customers the next time that they need a fridge or a computer. [More]
going out of business
Smartwatches and other wearables just haven’t caught on as much as the electronics industry assumed that they would. Pebble — a smartwatch company most famous for pre-selling its products on Kickstarter only to then make sure that Best Buy shoppers got their orders first — has confirmed that it is shutting down and selling off its various assets. You can now count Fitbit among the scavengers picking at Pebble’s bones. [More]
With the dust just beginning to settle surrounding the bankruptcy and 140-store closure of sporting goods retailer Sports Authority, another, albeit smaller, outdoor gear retailer is following suit. Vestis Retail Group, the operator of brand Eastern Mountain Sports, Bob’s Stores, and Sport Chalet, officially filed bankruptcy papers today, outlining a restructuring plan that focuses on closing 56 stores. [More]
One of L.A.’s most well-known boutique chains — a relic of the “glory days” of reality TV — is no longer peddling pricey blouses, pants, and accessories to the semi-famous, with Kitson shutting down all 17 of its stores, and its online business.
Hey, buddy. Want to rent an abandoned Radio Shack? The quasi-relevant electronics chain received approval from the bankruptcy court today to sell off 1,100 store leases. These stores are open for bidding by anyone interested in taking over the lease––in some locations, Radio Shack has already held store-closing sales and taken off so they won’t have to pay rent in March. [More]
Where will all of the women in the world shop for quality clothes at good prices? Fine, there are plenty of other clothiers, but that doesn’t make the demise of Coldwater Creek any less sad. The stores aren’t closing just yet, but that will be the next step after the retailer filed for Chapter 11 bankruptcy protection. [More]
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.
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.