This Online Retailer Now Enters An Official Liquidation

This online retailer now enters an official liquidation process after throwing in the towel back in December, sources report.

Zulily’s remaining products — worth approximately $85 million — are now being liquidated along with the company’s warehouse equipment.

Gordon Brothers, which is handling the liquidation, is marketing the inventory to firms looking to procure “a wide selection of well-known nationally branded fashion and home products inventory,” Ulos Anderson, senior managing director of Commercial & Industrial at Gordon Brothers, said in a January press release.

Along with the retail inventory, Zulily is selling assets from its fulfillment centers in both Ohio and Nevada, including conveyors, pick towers, scanners, handling equipment and IT equipment, reports Supply Chain Dive.

When Zulily’s website abruptly went down for “maintenance” in December, the retailer’s future came into question.

Days later, the company moved to liquidate entirely.

It told stakeholders at the time that “despite the Company’s recent efforts to position the business for future growth, Zulily made the difficult decision to conduct an orderly wind-down of the business” through what is known as an assignment for the benefit of creditors.

For creditors, Zulily’s inventory is an asset to turn into cash for repayment.

For buyers, it is a potential sourcing opportunity.

On a listing page, Gordon Brothers describes Zulily’s remaining items as as branded consumer products, including apparel, footwear, small appliances, beauty and housewares.

The liquidator said it would be selling the inventory through private treaty, meaning it will negotiate prices with buyers, as opposed to a liquidation auction.

The entire process of winding down Zulily could take anywhere between 12 to 18 months, according to a fact sheet.

Former suppliers to Zulily that haven’t been paid for goods shipped have until June to file claims through the assignment process.

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Also Read: A Popular Essential Retailer Is Now Closing 72 Locations

Other Economy News Today

Market News Today - This Online Retailer Now Enters An Official Liquidation.
Market News Today – This Online Retailer Now Enters An Official Liquidation.

A mall retailer now announces an unexpected liquidation sale up to 20% off at a major location outside Washington D.C., source report.

The Macy’s at the Ballston Quarter mall in Arlington, Virginia will shut its doors within weeks, reports The-Sun.

The announcement comes as the iconic retailer prepares to shut locations across the country.

However, the store did not confirm when it would be closing down, but is currently offering liquidation prices of up to 20% off.

Local outlet WTOP reports that the sale will run for “eight to 12 weeks.”

The store’s answering machine clarified that all sales will be final — no returns on the discounted items.

The location will stop receiving returns on previously purchased items on February 20.

Macy’s has struggled to keep its many locations afloat in recent years.

The company’s third-quarter sales were down 7% from the year before, WTOP reported.

Now, it’s closing five stores in the coming weeks.

On top of the Virginia location, two stores in California are shutting down in San Leandro and Simi Valley.

Tallahassee, Florida, and Lihue, Hawaii, are also losing their Macy’s stores.

On top of the five closures, the company has plans to lay off 13% of its corporate staff.

In total, the company will cut a whopping 2,350 jobs.

Macy’s shoppers in Virginia have a few other options to find another Macy’s.

A few miles east, near Pentagon City, Arlington hosts another location, reports The-Sun.

The location, an 11 mile drive from the old spot, is one of a few nearby.

There’s another Macy’s in McLean, and one in Washington DC.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - This Online Retailer Now Enters An Official Liquidation.
Market News Today – This Online Retailer Now Enters An Official Liquidation.

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