|By PR Newswire||
|November 9, 2012 09:30 AM EST||
BOSTON, Nov. 9, 2012 /PRNewswire/ -- A joint venture between Tiger Capital Group, LLC and SB Capital Group, LLC will begin liquidating over $30 million of inventory from 150 Bakers Footwear Group stores nationwide on Fri., Nov. 9. The going-out-business sales at 70% of the mall-based retailer's Bakers and Wild Pair stores are expected to continue through the end of the year.
St. Louis-based Bakers Footwear Group sells a wide range of private-label and national-brand dress, casual and sport shoes, along with boots, sandals and various accessories for young women. "With discounts on the stores' fresh, in-season merchandise and clearance goods ranging up to 50%-off, this represents fantastic savings for consumers—especially heading into the holiday season," said Michael McGrail, Managing Director of Tiger Group. The companies will also be selling the fixtures and equipment from many of the stores.
Bakers Footwear Group filed for Chapter 11 protection last month in the U.S. Bankruptcy Court in the Eastern District of Missouri. At the time of the filing, the retailer operated a total of 213 stores in 34 states. "The company has received financing commitments to continue operating the remaining 63 stores in hopes of reorganizing around a smaller business," noted Jim Thieken, Senior Vice President at SB. "If such a refinancing does not occur, Tiger Group and SB Capital would then liquidate the inventory in those locations."
Approximately 1,325 store and district personnel have been retained to assist the joint venture in operating the 150 stores through the completion of the sale process.
For a list of the 150 locations being liquidated, go to: http://tigergroupllc.com/bakers-sale
About Tiger Capital Group, LLC
Tiger Capital Group, LLC and its affiliates at Tiger Group provide advisory, restructuring, valuation, disposition and auction services within a broad range of retail, wholesale, and industrial sectors. With over 40 years of experience and substantial financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, convert assets to capital in a variety of ways quickly and decisively. Tiger's collaborative and no-nonsense approach is the foundation for its many long-term 'partner' relationships and decades of uninterrupted success. Tiger operates main offices in Boston, Los Angeles and New York. To learn more about Tiger, please visit, www.TigerGroupLLC.com.
About SB Capital Group, LLC
SB Capital Group, a Schottenstein affiliate, is a leader in the field of asset recovery, rescue finance, restructuring and strategic store closing events. As equity stakeholders in businesses comprising sectors as diversified as retail enterprises, consumer products, franchising, licensing and real property, SB Capital Group leverages resources and depth of experience to provide services with applicability across a wide spectrum of industries. Recognized worldwide as a trusted partner for businesses and professionals, SB Capital Group adds value to high level strategic planning as well as day-to-day operations. Our participation in transactions that span the globe has solidified our reputation as one of the most creative and innovative financial service and asset realization firms in existence today. Discover more at www.sbcapitalgroup.com
SOURCE Tiger Capital Group, LLC