Word: nassi
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Since Grant filed for reorganization under federal bankruptcy law last year (TIME, Oct. 13), the Los Angeles firm of Sam Nassi Co.. which specializes in liquidating bankrupt retailers, has been overseeing the sales. Nassi, 54, himself a former discount retailer (whose first liquidation was of his own store), says that the object of the dismantling is to "get the most money out as fast as you can." Apparently, he has been doing just that for Grant. Before they closed their doors, the remaining Grant stores in the West, South and Midwest moved some $235 million worth of goods...
Impulse Buying. Nassi's techniques begin with shrill broadcast and print advertising that promises huge discounts "on every single item, in every department, no exceptions!" Next comes "instore development": garish sale signs are displayed in windows; merchandise counters are removed to make way for extra cash registers. The emphasis is on cash-and-carry and self-service. Fabrics are precut to more marketable sizes, clothing is clustered by size instead of type to encourage impulse buying (sportswear and fancy dresses are mixed together). Finally, liquidators mark additional discounts on such seasonal items as greeting cards, chocolate Easter eggs...