Liquidation World gains $7.6 million investment, new CEO
Talon Merchant Capital takes ownership stake
Furniture Today Staff -- Furniture Today, February 6, 2009
BRANTFORD, Ontario — Closeout specialist Liquidation World said Thursday that the investment banking firm Talon Merchant Capital has invested C$7.6 million in the company, and said a founding member of Talon has been named president and CEO.
Publicly held Liquidation World, which has 95 stores in Canada and three in the United States, said TMC will receive 7.6 million newly issued shares of stock in the retailer.
"We look forward to working with the Liquidation World team as we continue to build on our vision of creating North America's premier closeout, liquidation business," said Bill Wolf, chairman of Talon Merchant Capital.
Seth Marks, a founding member of Talon, has been named president and CEO of Liquidation World. He is replacing Craig Graham, the chairman of Liquidation World's board who had been interim president since mid-December.
Graham will remain chairman, and Wolf is joining the board, the company said.
Liquidation World's shares are traded on the Toronto Stock Exchange.
All of its U.S. stores are in Washington state. The company also has two U.S. distribution centers.
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