Liquidators Team to Buy Levitz Assets for $48 Million

November 29, 2007  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on November 2007 A group of liquidators will pay $48 million for the assets of Levitz Furniture and will effectively shutter the retailer, according to the Associated Press.

The bid by six liquidation firms was the highest received at this week’s court-ordered auction for the rights to conduct going-out-of-business sales at the retailer’s 76 stores in the Northeast and West.

Levitz will get a percentage of the proceeds of the store-closing sales. The final purchase price is subject to adjustments depending on the value ofthe retailer’s inventory.

The six companies pitching in to buy Levitz are Hilco Merchant Resources LLC, HRE Holdings LLC, Tiger Capital Group LLC, SB Capital Group LLC, Planned Furniture Promotions Inc. and Kimco Realty Services.

The New-York based retailer filed Chapter 11 three weeks ago.