Sherman Oaks, Ill. Shoe Pavillion Inc. has won an emergency bankruptcy court order allowing it to hire liquidators to close its remaining 64 stores after going-out-of-business sales. The sale is expected to last between 10 and 12 weeks.
The move follows a liquidation auction held last Thursday during which the company was unable to sell itself in order to continue to operate as a going concern. The discount shoe retailer entered bankruptcy in July after five straight quarterly losses.
The sale is 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. Each company provides services that help retailers turn excess inventory into immediate cash through strategic retail store-closings.
“It is always tough to close down stores, but consumers will benefit from the extreme discounts on every item in the store until all the merchandise is sold,” said Danny Kane, managing member of Tiger Capital Group, in the statement.