Service Merchandise hires specialists for GOB sales
By Clint Engel -- Furniture Today, January 27, 2002
NASHVILLE, Tenn. — Service Merchandise has hired a trio of liquidations specialists to begin going-out-of-business sales at more than 200 of its stores, warehouses and other locations.
U.S. Bankruptcy Court for the Middle District of Tennessee authorized the agreement between Service Merchandise and a joint venture composed of SB Capital Group, Gordon Bros. Retail Partners and The Ozer Group, to conduct the sales.
The 218-store retailer announced earlier this year that it would shut down for good after a failed attempt to restructure under Chapter 11 bankruptcy protection.
Service Merchandise Chairman and Chief Executive Officer Sam Cusano said the company believes the GOB plan "presents the best means to maximize the value of the company's merchandise for the benefit of its creditors."
The company did not say how much money the sales are projected to generate.
The retailer also plans to dispose of its real estate portfolio of some 70 owned properties and 150 unexpired leases.
Separately, the court approved an extension to Sept. 30 for the period during which Service Merchandise has the exclusive right to file a plan of liquidation. The company said it plans to make an initial distribution to creditors by year-end. Common-stock shareholders would receive nothing.
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