Great American wins Fortunoff liquidation bid
Court must approve results
-- Home Textiles Today, 2/24/2009 9:33:00 AM
New York — An official affiliated with Great American Group said that a consortium of liquidators led by Great American was the winning bidder to run the liquidation of bankrupt retailer Fortunoff.
Jeff Yellen, president of Great American Furniture Services, said the U.S. Bankruptcy Court judge for the Southern District of New York needs to approve the auction results. In addition to Great American, the liquidators participating in the winning bid include Hudson Capital Partners, Tiger Capital and SB Capital Group, Yellen said. He declined to disclose terms or other details.
A hearing on several objections to the sale and auction process that have been filed by the unsecured creditors committee and other parties is scheduled for today.
Jewelry and home furnishings retailer Fortunoff filed for Chapter 11 bankruptcy earlier this month.
(Reported by Clint Engel, senior retail editor of HTT sister publication Furniture Today.)
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