Great American Group, in a joint venture with Tiger Capital Group, will operate the store closing sales at all Payless ShoeSource locations in the United States and Puerto Rico.
This will be the largest liquidation by store count in retail history, with sales being conducted at approximately 2,100 stores and associated inventory valued at over $1 billion. The sales event began February 17.
“The Payless liquidation is representative of yet another significant transaction for our firm and the expertise we deliver for each deal,” said Scott Carpenter, president of retail solutions, Great American Group. “The past year has been pivotal for Great American Group. We believe this is reflective of not only the growth of our firm, but also the expanded B. Riley Financial platform which enables us to bring every resource to bear in developing strategic solutions to help retailers maximize value.”
Payless is the second liquidation involving a high-profile retailer for Great American Group thus far this year. In January, the firm announced its participation as part of a consortium of asset disposition firms in the liquidation of 798 Gymboree and Crazy 8 Stores.
