Gordon Brothers Group, Hilco Global and Great American Group to Liquidate All Inventory at Target Canada Locations
BOSTON, Feb. 4, 2015 /CNW/ -- Target Canada announced today that Gordon Brothers Group, Hilco Global (through its Canadian division, Merchant Retail Solutions) and affiliates of Great American Group will begin store closing sales at all Target Canada retail locations beginning tomorrow, February 5, 2015. Target Canada obtained an Initial Order from the Ontario Superior Court of Justice for creditor protection under the Companies' Creditors Arrangement Act ("CCAA") on January 15, 2015.
On January 27th, Gordon Brothers Group, Hilco Global and Great American Group were appointed the successful bidders at auction by Target Canada and the Monitor of the CCAA and will manage the store closing process for all 133 Target Canada retail locations.
"The appointment of Gordon Brothers Group, Hilco Global and Great American Group is an important step in Target Canada's pursuit of a fair and orderly wind down under the CCAA process. Our team members have been working incredibly hard to prepare and our guests are eagerly awaiting the upcoming sales," said Aaron Alt, Chief Executive Officer, Target Canada.
Store closing sales will provide customers with significant discounts of up to 30 percent. Select fixtures, furnishings and equipment in the stores and distribution centers will also be for sale.
A spokesperson for the joint venture said, "This is a tremendous opportunity for consumers to take advantage of truly compelling discounts on a spectacular assortment of products. We encourage consumers to shop early to take advantage of the best selection of products and great savings available throughout the stores."
Target Canada gift cards will be honored throughout the sale. For a complete listing of closing store locations and the latest sale information, please visit www.target.ca.
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, mitigating leases, appraising assets and operating businesses for extended periods. Gordon Brothers Group conducts over $50 billion worth of transactions and appraisals annually. As of November 2014, debt financing is provided by Gordon Brothers Finance Company (www.gbfinco.com).
About Hilco Global
Merchant Retail Solutions is a division of Hilco Global (www.hilcoglobal.com) which provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer's strategic initiatives. The firms activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Merchant Retail Solutions is part of Northbrook, Illinois based Hilco Global, the world's leading authority on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates twenty specialized business units around the world. For more information please visit: (www.hilcoglobal.com).
About Great American Group, LLC
Great American Group, LLC is a leading provider of advisory and valuation services, asset disposition and auction solutions, and commercial lending services. 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. It is a wholly owned subsidiary of B. Riley Financial, Inc. (OTCBB: RILY), consisting of an array of financial services companies including: B. Riley & Co., LLC, a leading full service investment bank providing corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients; and B. Riley Asset Management, a provider of investment products to institutional and high net worth investors. B. Riley Financial is headquartered in Los Angeles with offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, and New York, N.Y., Newport Beach, Calif., Norwalk, Conn., San Francisco, and Munich. For more information about Great American Group, visit www.greatamerican.com or call 818-884-3737.
SOURCE Gordon Brothers Group
For further information: Elizabeth Sarhaddi-Blue, Director, Marketing, Gordon Brothers Group, (617) 422-6545, [email protected]; Molly Snyder, Group Manager, Public Relations, Target Canada, (612) 761-6112, [email protected], http://www.gordonbrothers.com