-- With same-day availability on up to $25 million in inventory at its two stores, Maison Ethier bids adieu to city; court authorizes Tiger Capital Group to fulfill orders stalled by retailer's CCAA filing.
MONTREAL, July 2, 2019 /CNW/ -- Maison Ethier will offer liquidation discounts on all furniture, mattresses, rugs, accessories and appliances in going-out-of-business sales that begin this Friday at its stores in Saint-Basile-le-Grand and Saint-Jean-sur-Richelieu. The Toronto office of Tiger Capital Group will manage the event on behalf of the 35-year-old retailer, which received court approval for the sales on June 6 under the Companies' Creditors Arrangement Act (CCAA).
The court authorized Tiger Group to assist Maison Ethier in fulfilling customer orders, noted court-appointed monitor Stéphane De Broux of KPMG's Montréal office. "Tiger's financial resources, as well as its deep connections within the home furnishings industry, will enable Maison Ethier to begin fulfilling depositors' orders straightaway," he said. "It is excellent news."
The going-out-of-business sales are being held at 267, boul. Sir-Wilfrid-Laurier, Saint-Basile-le-Grand, and 126, rue Jacques-Cartier Nord, Saint-Jean-sur-Richelieu.
"This going-out-of-business sale presents an unprecedented opportunity for Montrealers," said Mark Bannon, Director of Furniture Solutions at Tiger Capital Group. "Over 120 of the best-known brands in furniture, mattresses, appliances, rugs and outdoor living will be offered at liquidation discounts."
The court has also authorized the addition of millions of dollars of new, special-purchased items offered at liquidation discounts, Bannon noted. "This is very high-quality merchandise—a full allotment of living room, bedroom, dining room, occasional, accent, motion and leather furniture, along with mattresses and rugs," he said.
All items available for purchase at both stores will be available for immediate pickup or delivery. "There are no waits or special orders whatsoever during these sales," Bannon said. "Everything in Maison Ethier's massive, well-appointed showrooms must be sold."
Maison Ethier's flagship store in Saint-Basile-le-Grand includes 150,000 square feet of showroom space and a 70,000-square-foot warehouse. The original showroom and warehouse at Saint-Jean-sur-Richelieu totals 75,000 square feet.
Both stores offer items for every room in the home. Maison Ethier has also long been a popular source for Montrealers looking to buy quality home furnishings and next-generation washers, dryers, stoves, refrigerators and other appliances, Bannon noted. "Maison Ethier is a community store with a wide range of products and price points to suit all tastes and budgets," he said. "But the core focus is on middle-to better-quality goods. There really is something for every Montrealer at these sales."
Disruption, Bannon added, continues to take its toll on furniture retailers and contributed to Maison Ethier's Nov. 15 CCAA filing. "Ecommerce, generational change and the continued expansion of mass-market discount chains pose competitive pressures across North America," he said. "At Tiger, we are seeing this everyday and are working hard to help both healthy and distressed retailers adapt to the changes."
During the sale, Maison Ethier's stores will be open Monday to Wednesday, 9 a.m. to 6 p.m.; Thursday and Friday, 9 a.m. to 9 p.m.; Saturday, 9 a.m. to 5 p.m.; and Sunday, 11 a.m. to 5 p.m.
SOURCE Tiger Capital Group
For further information: Sylvain Bonneau, Vice-président, Maison Éthier, 514 821-9999; or Stéphane De Broux, Associé, KPMG, 514 944-2231; or at Jaffe Communications, Bill Parness, [email protected], (908) 789-0700 or Mobile, (732) 673-6852, http://www.tigergroup.com