Shoe Pavilion Closing Its Doors
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.
From The Boston Herald: Granoff out as Tweeter ceo
BOSTON The Boston Herald reported that Tweeter Newco ceo George Granoff has left the company, apparently after a disagreement with its New York investment firm owner.
CEA: Consumer electronics top holiday wish lists
ARLINGTON, Va. Consumer electronics products continue to top the holiday wish lists of adults and teens, resulting in 3.5% projected growth in fourth quarter industry shipments over last year, according to new research released today by the Consumer Electronics Association.
Consumer electronics comprise four of the top 10 items on adults’ holiday gift wish lists, with computers coming in second behind peace and happiness. Televisions, video game systems and cell phones also made the top 10. Nearly 80% of adults expressed interest in receiving a consumer electronics product as a gift this holiday season, an increase of four points from last year. Meanwhile, 84% of teens want to receive a CE product this year, up eight percent from 2007. The most popular CE products for teens this holiday are computers, video game consoles, portable mp3 players and cell phones.
“There remains a robust desire for consumer electronics and this category continues to be the bright light during these dark economic times,” said Tim Herbert, CEA’s senior director of market research. “CE devices have become integrated into the everyday lives of consumers. No matter what your current economic situation, you can find a CE product to fit any holiday budget.”
Consumers plan on spending a total of $1,437 this holiday season on everything from gifts to food to decorations. That number is down nearly $200 from last year as consumers cite cost of living increases and economic concerns as reasons for cutting back. While consumers are planning to spend less this holiday season, they’re actually preparing to spend more on consumer electronics. Twenty-eight percent of the total holiday budget is being allocated for CE purchases, an increase of six percent from last holiday.