GOING-OUT-OF-BUSINESS SALES HAVE BEGUN AT REMAINING 120 SHOPKO AND SHOPKO HOMETOWN STORES ACROSS AMERICA
Boston, March 22, 2019 (GLOBE NEWSWIRE) -- Going-out-of-business sales have commenced at the remaining 120 Shopko and Shopko Hometown Stores. Sales will include significant discounts on hundreds of millions of dollars of merchandise including newly received products. The closing sales will be operated by a joint venture consisting of Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group and Great American Group.
Store closing sales are already in progress in other Shopko stores and inventory is selling very fast. All branded merchandise in clothing, footwear, bedding, furniture, jewelry, beauty products, electronics, market and housewares is included in the sale.
“Although this is not the outcome that we had envisioned when we started our restructuring efforts, we hope our loyal customers will visit their local stores to shop our high-quality products at dramatic discounts,” said Shopko CEO Russ Steinhorst. “We want to thank all of our teammates for their hard work and dedication during their time at Shopko.”
“Customers are encouraged to shop early for the best selection of popular products at liquidation prices,” said a spokesperson from the joint venture. “Due to Shopko’s well-known brand and the loyalty of its customers, we expect merchandise to sell very quickly.”
Through April 20th, Shopko will continue to accept Shopko Gift Cards as tender for purchases. Gift Cards must be used by April 20th.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.
About Hilco Merchant Resources, LLC
Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer’s strategic initiatives. Hilco Merchant Resources’ activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Additionally, HMR now includes among its subsidiaries the nation’s premier fixture and equipment liquidation firm, Hilco Fixture Finders (www.hilcofixturefinders.com) as well as the popular online retail and daily deal e-commerce company, Deal Genius, LLC (www.dealgenius.com). Hilco Merchant Resources is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), one of the world’s leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace.
About Tiger Capital Group, LLC
Tiger Capital Group (www.tigergroup.com) provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger’s seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, San Francisco, Houston and Toronto.
About Great American Group, LLC
Great American Group is a leading provider of asset disposition and auction solutions. Great American Group efficiently leverages its sector expertise and deploys resources to assist companies in maximizing the value of their assets. The firm is headquartered in Woodland Hills, CA and has offices across the United States, as well as in Germany and Australia. Great American Group is a wholly-owned subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY), a diversified financial and business advisory services company which operates through several wholly-owned subsidiaries. To learn more about Great American Group, visit www.greatamerican.com.