Great American Group Kicks Off Liquidation Sales at Eight Orchard Supply Hardware Stores in Californ
Great American Group Kicks Off Liquidation Sales at Eight Orchard Supply Hardware Stores in California
-Major discounts offered at locations in Citrus Heights, Fairfield, Huntington Beach, Lone Tree, Long Beach, Midtown, Newark and Vacaville-
WOODLAND HILLS, Calif.--(BUSINESS WIRE)-- Great American Group, Inc. (OTCBB: GAMR) has been selected to handle store closing sales at eight Orchard Supply Hardware locations, offering significant product discounts in the Citrus Heights, Fairfield, Huntington Beach, Lone Tree, Long Beach, Midtown, Newark and Vacaville stores.
"We are offering significant discounts on every item in every department, so consumers will have the opportunity to purchase quality hardware supplies at a discount," said Scott Carpenter, President of Great American Group's Retail Division. "Customers will also receive top-notch service and expert advice from the sales people Orchard customers already know and trust as operations wind down in these locations."
With sales already underway, Carpenter urges shoppers to head to the stores soon for best selection.
Orchard announced June 17, 2013, that it had reached an agreement through which Lowe's Companies, Inc. will acquire the majority of its assets but will allow Orchard to continue day-to-day operations as a separate, standalone business with its brand, strategy and management team intact. To facilitate the acquisition agreement and restructure its balance sheet, Orchard filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. The agreement with Lowe's comprises the initial stalking horse bid in the Court-supervised auction process under Section 363 of the Bankruptcy Code.
The Company expects to operate its business as usual throughout the Chapter 11 and sales processes and, on June 19, 2013, received the Court's approval for First Day Motions, allowing it to, among other things, access $177 million in additional financing, pay employee wages and benefits, maintain its Club Orchard customer rewards program, continue coupons and promotions, honor its gift cards and otherwise serve its customers as usual.
As part of the First Day Motions, the Company also requested permission to close an initial eight stores to help strengthen the Company as a whole. Great American Group won a competitive, Court-supervised bidding process to manage the store closing sales and took over operations of these stores on June 29, 2013. Orchard has posted additional information for affected customers on its dedicated website, www.OrchardRestructuring.com.
Orchard operates neighborhood hardware and garden stores focused on paint, repair and the backyard. As of June 16, 2013 the Company had 89 stores in California and two stores in Oregon.
For more information about the Orchard Supply Hardware sale event, please visit http://www.greatamerican.com/liquidations/RetailEventDetails.aspx?EventID=718.
About Great American Group, Inc. (OTCBB: GAMR)
Great American Group is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies. A trusted strategic partner at every stage of the business lifecycle, 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. The company has in-depth experience within the retail, industrial, real estate, healthcare, energy and technology industries. The corporate headquarters is located in Woodland Hills, Calif. with additional offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, Melville, N.Y., New York, Norwalk, Conn., San Francisco, London, Milan and Munich. For more information, call (818) 884-3737 or visit www.greatamerican.com.
KEYWORDS: United States North America California
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