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...economy has spiraled down over the last few months, firms have executed a laundry list of liquidations. The Mervyn's department store chain, Levitz furniture 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...
...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 shifts the risk to the liquidators. Sure, the company is offering the liquidators $1.7 billion worth of electronics at a very deep discount. But Circuit City now has $800 million to give...
...force that's about to lose their jobs. That's no easy task. "It's a depressed atmosphere," says Fried, a freelance liquidator hired by the Great American Group. He's running sales at two Circuit City locations in New York City. "When a sign goes up that the store is closing, it's an emotional day. When the sign goes up that there's only 10 days left, it's an emotional day. I need to let them vent, if necessary. I realize that I'm often the face they're putting on this situation." (See pictures...
What are the 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...
...tell the customer, of course. The Great American Group wants you to buy, now, before it's forced to move the discount down to 20%. The customer also has to make some bets. For example, Erickson, the Great American CFO, worked on the liquidation for the Montgomery Ward department stores a few years back. He gave himself a 30% off threshold for a backyard shed. Once the sale dropped that far, he would jump. But all sheds were gone from the store at 20%. "I got screwed on our own sale," he says. (See the top 10 gadgets...