Will Steve & Barry's liquidations help other retailers?
My (semi-) local store is one of 103 Steve & Barry's locations that are closing their doors, after the company was purchased out of bankruptcy last month by private investors. Following the liquidations, about 170 stores will remain, so I'll still be able to get my $9 pants and college sweatshirts, but with the cost of gas to get to the next closest store, I might as well pay the $40 the college bookstore wants for the same shirt. It's a real bummer for customers, but there's a positive spin for other retailers.
JG Resources is the asset liquidation company conducting store fixture liquidation sales at 49 Steve & Barry's stores in 22 states. CEO Jim Grimwade says that by selling store fixtures to other retailers at a fraction of the cost of new fixtures, these liquidations will "help fuel the local economy's growth. It could also help retailers create new jobs by cutting costs from their bottom line." Ah, the power of positive thinking. Let's be honest -- saving a few bucks on lighting fixtures isn't going to free up the cash to hire all the people who lost their Steve & Barry's jobs with the closures, or bounce back from a weak sales quarter, but hey, savings are savings. The fixture liquidation sales are open to the public as well as other businesses. View all 49 selected store locations, sample inventory lists, and fixture photos here.