Word: hudson
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...they do for a living, it's sometimes hard to do it with great gusto. "'Liquidator' sure has a negative connotation, doesn't it?" admits Paul Erickson, CFO of the Great American Group, one of the largest liquidation firms in the country. The wife of Jim Schaye, CEO of Hudson Capital Partners, another major liquidator, didn't want her husband to broadcast his career when they first met. "She thought people would think I'm a vulture," he says with a laugh (she has since changed her tune. Honey, you're not a vulture). At parties, Steve Fried is very...
...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 have imagined," Erickson says...
...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 City...
...rest of us, case studies say, become obedient and quiet. An instant camaraderie unifies strangers on a sinking ship or a bombed-out subway car. The overriding sound track is silence. After the Hudson crash, TV reporters badgered passengers, incredulous that there had not been shoving and hysteria. But if we asked all the survivors of all history's mishaps, we would hear the same patient reply: No, people were pretty calm, actually. Which is not to say they weren't terrified...
Imagine if this had been a scene from 24, if terrorists--not geese--had taken out the engines. The heroes would have been the rescuers--Special Forces soldiers dangling from helicopters, Jack Bauer speedboating down the Hudson--and the passengers would have been shrieking, panicking, useless...