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B. Riley Financial’s GA Australia to Close 63 Masters Home Improvement Stores

August 26, 2016, 07:17 AM
Filed Under: Industry News

Great American Group (GA) was appointed by Woolworths Limited to manage the closure of its Masters Home Improvement Stores in Australia.

Great American Group's Australian subsidiary, GA Australia, will manage the going-out-of-business sales for all 63 Masters locations. The sales will offer significant discounts on the retailer's inventory of appliances, electrical tools, lighting and other home improvement goods.

"Following a seven-month process and extensive due diligence with Woolworths advisors, Great American was selected based on our 40-year track record of helping international specialty retailers effectively manage complicated situations and maximize the value of inventories," said Andrew Gumaer, CEO of Great American Group. "Not only is this is a tremendous opportunity to assist in one of the largest single liquidations globally, but this is an important step in Woolworths decision to exit the Masters Home Improvement Stores."

Kevin Olson, Managing Director of GA Australia added: "We're proud to have been awarded the privilege of assisting Masters with the sale of their inventory. Loyal customers and the general public will be able to shop in stores and receive significant savings on a wide variety of quality merchandise. Every item in every department will be discounted until all the merchandise is sold."

Woolworths has stated that it will honor all customer gift cards, product warranties, returns and lay-bys, and the completion of any contracted installation projects such as kitchens, bathrooms and floor coverings. Gift cards can be used at other Woolworths Group stores and at Masters up until closure.

The going-out-of-business sales are expected to last several weeks before all of the merchandise is sold in all locations.

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