Word: circuitous
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Dates: during 2000-2009
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...liquidations. The Mervyn's department store chain, Levitz furniture outlet, Steve & Barry's apparel stores, Whitehall Jewelers and Linens n' Things have all shut down. KB Toys, the second largest toy retailer behind Toys R' Us, and Boot Town, a Western clothes outfitter, are running liquidations now, along with Circuit City. Look for more to come. Schaye says Hudson Capital's revenues increased tenfold in 2008. According to Erickson, the Great American Group saw a 300% revenue jump in 2008. He predicts similar growth for the first three months of this year. "The numbers are higher than we ever could...
...times, forget about it. Once bankrupt and unable to find a buyer, a company must dissolve immediately, and recoup what it can through liquidation. "Retailers can't get access to financing, just when they need it most," says Larry Gottlieb, a bankruptcy lawyer at Cooley Godward Kronish. (Read "Why Circuit City Busted, While Best Buy Boomed...
...liquidation firms certainly do. In many deals, they pay the bankrupt company for access to the merchandise, and only profit if they sell enough stuff. These "guarantee" deals carry lots of risk. Take Circuit City. The four liquidation companies, the Great American Group, SB Capital Group, Tiger Capital Group and Hudson Capital Partners, together paid some $800 million for Circuit City's merchandise, which is worth around $1.7 billion at retail. The firms must also pay the company's expenses - payroll, rent and store operating costs - for the duration of the liquidation, which will likely take eight weeks. Here, Circuit...
...problem. We're not the cause." Liquidators need to motivate a sales force that's about to lose their jobs. That's no easy task. "It's a depressed atmosphere," says Fried, a freelance liquidator hired by the Great American Group. He's running sales at two Circuit City locations in New York City. "When a sign goes up that the store is closing, it's an emotional day. When the sign goes up that there's only 10 days left, it's an emotional day. I need to let them vent, if necessary. I realize that I'm often...
What are the keys to a successful liquidation? Start with the signs. At the Circuit City near Manhattan's Lincoln Center, Fried, fresh off a nine-week job running clearance for a Mervyn's store in California, has plastered the storefront window with seven somewhat garish red and yellow posters: Store Closing Sale! Nothing Held Back! Entire Store on Sale! Inside, the discount stickers (30% off for furniture, mobile phone accessories, and cables, 20% off CDs and DVDs, 10% off everything else) and sale rules (no returns, no checks) are ubiquitous. "If we look obnoxious, we're doing our jobs...