Word: sales
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Dates: during 2000-2009
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...code, put in place in 2005, create another hurdle for distressed retailers. Under the new rules, a retailer now has only 210 days after filing for Chapter 11 to accept or reject its existing lease agreements (pre-2005, the companies could liberally extend a 60-day time limitation). Clearance sales typically give the bankrupt company a cash infusion to help pay off the DIP loans. But if a company can't reorganize in 210 days, and is forced to cancel its leases, it won't have a place to sell its goods. No sale means no cash, and the banks...
...third-party liquidators step in. Creditors don't want to see the stores themselves running clearance. Why trust the executives who put a company in bankruptcy to manage a sale that covers their losses? Plus, soon-to-be unemployed managers are busy fishing for other jobs. They don't have a real stake in the sale. (Read "Q&A with Best Buy CEO Brad Anderson...
...other cases, the company takes more risk. It will pay the liquidation firm a flat fee to clear the shelves and fixtures, and revenues from the sale will go to the creditors. But the liquidator still has plenty of motivation: if you screw up this sale, you might not get another...
...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," says Fried...
...newspaper industry is viewed as a poor investment. Several newspaper chains are already in the process of liquidation, particularly Journal Register and Gatehouse. The third largest newspaper company, McClatchy (MNI) is in deep trouble. A number of the nation's largest dailies, including The Rocky Mountain News, are for sale and some will be closed if they do not find buyers...