Unedited press release follows:
Store Closing Sales Begin Today at 26 Newly Announced Borders Locations;
Inventory & Fixtures Liquidation Managed by Hilco Merchant Resources, Gordon Brothers Group, SB Capital Group and Tiger Capital Group
20% To 40% Discounts Offered on Tremendous Selection of Literature, Entertainment Media and More
CHICAGO–Under authority of the U.S. Bankruptcy Court, store closing sales begin today at 26 Borders book stores in 14 states. Nearly $50 million of inventory including books, magazines, music and movie media, calendars, posters and more will be liquidated.
Discounts from 20% to 40% with limited exceptions are offered on all merchandise at these newly announced locations. Consumers will enjoy very substantial savings on the entire stock of books in every category, including new releases, best sellers, textbooks, rare and collectible books and children’s books. There are also significant price reductions on thousands of music CDs, video DVDs and Blu-Ray, arts and crafts items, language learning systems, games, puzzles and more.
Borders Rewards programs, including Borders Rewards Plus, remain in effect. Customers can continue to earn and redeem their Rewards in all stores and on Borders.com. Gift cards will also be honored as usual.
The liquidation of inventory and store fixtures is being managed by a joint venture composed of Hilco Merchant Resources, LLC, Gordon Brothers Group, SB Capital Group, LLC, and Tiger Capital Group. A spokesperson for the joint venture said, “This is an important opportunity for consumers to benefit from very compelling discounts on a vast assortment of literature, entertainment media and much more. Based on the tremendous response to the store closing sales already underway at 200 other Borders locations, we believe that today’s value conscious consumers will take advantage of the exciting savings at these new locations. We anticipate that this will be a short sale.”
About Hilco Merchant Resources, LLC
Based in Northbrook, IL, Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, operational, asset monetization and capital investment services to help retailers define and execute strategic initiatives. Hilco can acquire, co-invest in or facilitate the merger of retail operations; purchase or otherwise dispose of duplicative stores, underperforming divisions, unnecessary distribution centers, inventory, owned real estate, leases, and furniture, fixtures and equipment. Hilco also provides retail restructuring services, interim store management, loss prevention services, marketing and advertising management, merchandising management, and strategic store opening programs.
About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, making private equity investments, and operating businesses for extended periods. Gordon Brothers Group conducts over $50 billion in transactions and appraisals annually.
About SB Capital Group, LLC
SB Capital Group, a Schottenstein affiliate, is a leader in the field of asset recovery, rescue finance, restructuring and strategic store closing events. As equity stakeholders in businesses comprising sectors as diversified as retail enterprises, consumer products, franchising, licensing and real property, SB Capital Group leverages resources and depth of experience to provide services with applicability across a wide spectrum of industries. Recognized worldwide as a trusted partner for businesses and professionals, SB Capital Group’s participation in transactions that span the globe has solidified a reputation as one of the most creative and innovative financial service and asset realization firms in existence today. Discover more at www.sbcapitalgroup.com.
About Tiger Capital Group
Tiger Capital Group (www.tigergroupllc.com) specializes in the planning, promotion, and management of store-closing events in connection with mergers, acquisitions, downsizing, corporate divestitures and Chapter 11 proceedings. Our focus is to help retailers, assets-based lenders, and other financial institutions understand the underlying value of inventory and to provide key monitoring advice. Professionals within Tiger Capital have many years’ experience and extensive knowledge in the valuation and disposition of assets. Tiger and its affiliated companies provide comprehensive advisory, valuation, auction, management, and disposition services for a broad range of retail, wholesale, and industrial companies.
Store Closing Sales begin Thursday, March 24 at these Borders locations:
|4980 Stockdale Hwy||Bakersfield||CA||93309|
|Emery Bay Public Market, 5800 Shell Mound St||Emeryville||CA||94608|
|7000 Marketplace Avenue||Goleta||CA||93117|
|1501 Vine St||Hollywood||CA||90028|
|McCarthy Ranch Marketplace, 15 Ranch Drive||Milpitas||CA||95035|
|120 Crescent Dr||Pleasant Hill||CA||94523|
|11160 Rancho Carmel Drive||San Diego||CA||92128|
|588 Francisco Blvd. West||San Rafael||CA||94901|
|1499 Post Road||Fairfield||CT||06430|
|1041 High Ridge Rd||Stamford||CT||06905|
|3637 Peachtree Rd Ne Suite C||Atlanta||GA||30319|
|270 Dairy Rd||Kahului||HI||96732|
|94-821 Lumiaina Street, Waikele Center||Waipahu||HI||96797|
|4100 University Ave||West Des Moines||IA||50265|
|3232 Lake Ave.||Wilmette||IL||60091|
|4320 Coldwater Rd||Fort Wayne||IN||46805|
|8675 River Crossing Blvd||Indianapolis||IN||46240|
|9108 Metcalf St||Overland Park||KS||66212|
|255 Grossman Dr.||Braintree||MA||02184|
|476 Boston Turnpike||Shrewsbury||MA||01545|
|2740 E 21St Street||Tulsa||OK||74114|
|1 S Broad||Philadelphia||PA||19107|
|Fountains On The Lake, 12788 Fountain Lake Circle||Stafford||TX||77477|
|2000 South Commons||Federal Way||WA||98003|
|2508 S 38Th Street||Tacoma||WA||98409|