In recent months, we’ve shared with you the bankruptcy saga of Sports Authority, a sporting goods chain that was deep in debt, filed for bankruptcy protection, and planned to re-emerge as a smaller and reorganized retailer, but couldn’t make it work, ultimately selling its remaining stores to liquidators. Teen clothing retailer Aeropostale seems to be headed down a similar path, with its biggest lender pressuring the chain to get ready to auction its stores instead of reorganizing. [More]
Back in February, the long-troubled craft store chain Hancock Fabrics filed for bankruptcy for the second time in a decade. This time, there will be no reorganization. The chain planned to close 70 stores and tried to find a buyer for the remaining 185 that would keep the open and preserve thousands of jobs across the country. The winning bidder in yesterday’s auction in bankruptcy court was Great American Group, a liquidator. [More]
Sorry deal hunters, the liquidation sales starting today at over 300 Ritz Camera locations will be managed by the same cabal of corporate scavengers that oversaw Circuit City’s abysmal liquidation sales.
Interesting facts from a Boston Globe article profiling a member of the Tweeter liquidation team, David “The Junkyard Dog” Spehar:
A former Circuit City employee says he visited some of his old coworkers and found out about a trick the liquidators are using that you should beware: