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Tiger Group, Great American Group, HyperAMS Announce Massive Liquidation Joint Venture

November 05, 2018, 07:17 AM
Filed Under: Bankruptcy

A massive amount of home-improvement and furnishings merchandise—about 1.5 million items valued at more than $23 million—is available at liquidation-sale discounts as bankrupt Home Owners Bargain Outlet (HOBO) shutters all seven of its stores, including five in the Chicago area and two in Wisconsin.

Joint venture partners Tiger Group, Great American Group, LLC (a subsidiary of B. Riley Financial, Inc.) and HyperAMS are liquidating the Waukegan-based chain’s entire inventory of flooring, housewares, furniture, bath products, appliances, electronics, hardware, tools, home decorations and lawn/garden items in ongoing sales at all HOBO stores. Brands offered include Levolor, Panasonic, Dirt Devil, Oster, Hoover, Stanley and McCulloch, to name just a few.

The merchandise is available at opening discounts of up to 30 percent at HOBO’s brick-and-mortar stores, with no ongoing ecommerce operations. The regional chain filed for Chapter 11 bankruptcy protection on October 26, 2018 in the U.S. Bankruptcy Court of Chicago.

“The home improvement business has always been incredibly competitive,” said Tiger Group Chief  Operating Officer Michael McGrail. “In addition to the top two big-box chains with their tremendous economies of scale and dominant real estate positions, the advanced ecommerce efforts of these players, Amazon and others clearly have created huge challenges for smaller operators like HOBO.”

McGrail added: “HOBO always offered everyday low pricing on top DIY brands, so for buyers, the discounts in these sales are on top of the chain’s outlet-level pricing. The flooring inventory here is particularly outstanding: Flooring represents about 40 percent of the overall inventory, and there’s an extraordinary selection of ceramic, porcelain, natural stone, mosaic, wood, laminate, and vinyl products, along with rugs and installation supplies.”

Contractors, designers and DIYers will also find everything they need to make selections for renovation projects at these significant discounts, added Scott Carpenter, President, GA Retail, Great American Group. 

“You’re talking about cabinetry and cabinetry hardware, kitchen countertops, faucets and sinks, range hoods, as well as the gamut of bath products such as vanities, mirrors, cabinets, fans, toilets, faucets—you name it,” he said. “In many cases, this is in-demand, branded merchandise. So, the opportunities for designers and renovators really are outstanding.”

The sale also includes bedroom pieces and sets, as well as mattresses, foundations, frames, futons, and convertible sofas. The selection of dining furniture includes full sets as well as servers, hutches and buffets, and pub-height pieces. For the living room, shoppers will find sofas, loveseats and recliners.

Store fixtures and equipment are also available at liquidation prices.



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