Shoe Pavilion, which filed for bankruptcy in July, plans to close all its stores after 29 years in business. The California retailer last week commenced GOB sales at its remaining 64 locations.
The GOB sales are being conducted by a joint venture group consisting of Great American Group, LLC, SB Capital Group, LLC, Tiger Capital Group, LLC, and Hudson Capital Partners, LLC. The sale is expected to last 10-12 weeks with some stores closing sooner.
Shoe Pavilion expects the sales to bring in $36.3 million, the company said in court papers. Under a sharing agreement with the liquidators, it is to receive 27.7% of the retail price of the liquidated merchandise and 75% of the proceeds from sales of furniture, fixtures and equipment.
Leaseholders at some of Shoe Pavilion’s locations objected to the liquidation, saying the company was in default under its leases.