LOS ANGELES, April 10, 2017 (GLOBE NEWSWIRE) -- Tiger Capital Group, LLC, which provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients, and Great American Group, LLC, a leading provider of advisory and valuation services, and a subsidiary of B. Riley Financial, Inc. (NASDAQ:RILY), announced today that they will liquidate 48 of the remaining 105 Gordmans stores as part of a joint-venture with Stage Stores, Inc.
Stage Stores has acquired an additional 57 stores of the Omaha, Nebraska-based Gordmans, which filed for Chapter 11 bankruptcy protection on March 27, 2017. Stage Stores will continue to operate these additional 57 stores. Tiger Capital Group and Great American Group, as part of the transaction, will liquidate the remaining 48 Gordmans stores in 19 states throughout North America.
"Our deep history of working with retailers such as Gordmans has given us the experience to quickly and efficiently exit these store locations," said Scott Carpenter, President of GA's Retail Solutions division. "Now our task will be discounting all of the merchandise in the stores until it is completely liquidated. Loyal customers and the
general public will be able to receive significant savings on over $70 million of name brand apparel and home decor."
"This is a great opportunity for Gordmans' shoppers to find the most up-to-the-minute fashions at liquidation prices," added Michael McGrail, COO of Tiger Capital Group. "In addition to the latest apparel and shoes for women, men, and children, all beauty products and fragrances, jewelry and accessories, toys, gifts, home decor, cookware and dinnerware will be offered at steep discounts."
The store closing sales began on April 7, 2017 and are expected to last several weeks.
For a full listing of Gordmans stores slated for closure, please click here.
About Great American Group, LLC
Great American Group, LLC is a leading provider of advisory and valuation services, asset disposition and auction solutions. Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets.
B. Riley Financial, Inc. is a publicly traded, diversified financial services company which takes a collaborative approach to the capital raising and financial advisory needs of public and
private companies and high net worth individuals. The Company operates through several wholly-owned subsidiaries, including B. Riley & Co., LLC (www.brileyco.com), Great American Group, LLC (
www.greatamerican.com), and B. Riley Capital Management, LLC (which also includes B. Riley Asset Management (www.brileyam.com) and B. Riley Wealth Management, (www.brileywealth.com)). The Company also
makes proprietary investments in other businesses, such as the acquisition of United Online, Inc. (www.untd.com) in July 2016, where B. Riley Financial, Inc. is uniquely positioned to leverage its expertise and assets in order to maximize value.
About Tiger Capital Group, LLC
Tiger Capital Group 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's collaborative, straight-forward approach is the foundation for its many long-term 'partner' relationships and decades of success. Tiger maintains domestic offices in New York, Los Angeles, Boston, Chicago, and San Francisco, and international offices in Sydney, Perth, and Brisbane, Australia. To learn more about Tiger, please visit www.TigerGroup.com.
Source: Great American Group
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