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Gordon Brothers, Hilco in Joint Venture for Kitson’s Store Closings

December 14, 2015, 07:13 AM
Filed Under: Industry News

Gordon Brothers Group and Hilco Merchant Resources announced they have begun store closing sales for Los Angeles-based, Kitson, at all 17 locations throughout California, Oregon, and Nevada. Sales are offering discounts of up to 50% on all of the trendy, high fashion apparel, gifts and novelty merchandise. Store fixtures, furniture and equipment will also be available for sale.

Opened in 2000, Kitson launched many local designers and brands, nurturing them to great success and also supported local manufacturing and charitable events. Kitson stores became magnets for celebrities and consumers seeking the latest must have apparel and accessory items, often offered exclusively at Kitson, along with apothecary, books, gifts and novelty items.

James Wong, Kitson’s Chief Restructuring Officer, commented that the company is in discussions with interested parties to attempt to effectuate a transaction that preserves the iconic brand that loyal consumers have come to love and respect.

A spokesperson for the joint venture said, “In the midst of the holiday season, the Kitson store closing sales present a rare opportunity for its shoppers to take advantage of extraordinary price reductions on this premier apparel and merchandise. We encourage all to shop early for the best selection.”

Founded in 1903, Gordon Brothers Group is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, mitigating leases, appraising assets and operating businesses for extended periods.  Gordon Brothers Group conducts over $50 billion worth of transactions and appraisals annually.  As of November 2014, debt financing is provided by Gordon Brothers Finance Company. 

Hilco Merchant Resources provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer’s strategic initiatives.  Hilco Merchant Resources’ activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Additionally, among recent acquisitions by HMR are the nation’s premier fixture and equipment liquidation company, Fixture Finders, as well as the popular online retail and daily deal e-commerce company, Deal Genius, LLC.

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