Iron Age to sell store merchandise, rolling stock through 'self liquidation'

By Caroline Salls

Pittsburgh, March 22 - Iron Age Corp. will conducts a "self liquidation" of its assets under an asset disposition plan, according to filings with the U.S. Bankruptcy Court for the District of Massachusetts.

The company said it consulted with Asset Disposition Advisors LLC regarding the bids and expressions of interest received during the asset sale process, and at the request of senior secured lender GMAC Commercial Finance LLC, it will begin a self liquidation process.

Along with efforts to sell off inventory through existing distribution channels, the company said it also expects to consolidate inventory into active store locations or shoe mobiles, to terminate unprofitable shoe mobile operations and store locations and to sell off surplus inventory, furniture, fixtures and equipment and rolling stock through in-place auctions, private bulk sales to third parties or private sales of individual items to third parties.

The company said it also plans to abandon some inventory, furniture, fixtures and equipment or rolling stock that appears to have no net realizable value to the estates.

Iron Age will hire Great American Group, LLC to consult with the company in its sale of store merchandise and rolling stock.

Iron Age, a Westborough, Mass., retailer and distributor of safety, work and uniform shoes for the industrial, service and government sectors, filed for bankruptcy on Jan. 22. Its Chapter 11 case number is 07-40217.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.