Report: Fortunoff Liquidation Could Begin this Week

New York City A consortium of six liquidators, which acquired luxury retailer Fortunoff Holdings LLC in a bankruptcy auction, is planning to launch the chain’s going-out-of-business sales on Wednesday, according to a report on Forbes.com.

The group, which includes Great American Group, Hudson Capital, SB Capital, Tiger Capital, and jewelry liquidators Bobby Wilkerson Inc. and The Gordon Co., jointly beat out a bid from a competing liquidator in an auction on Monday.

The team is now waiting for approval of the auction results from the Bankruptcy Court for the Southern District of New York. Pending court approval, the group plans to begin liquidation sales as soon as Wednesday, Thomas Pabst, COO of Great American Group, said in the article.

Fortunoff filed for bankruptcy protection on Feb. 5. The retailer is no stranger to bankruptcy, however. Private-equity firm NRDC Equity Partners bought Fortunoff out of an earlier filed bankruptcy last year.