Auction Industry Sees Pandemic-Related Business Closings On The Rise
As COVID-19 continues to ravage local businesses, pandemic-related auctions soar. In the heart of downtown Charlotte, the assets of a once thriving entertainment complex, including a movie theatre and eight restaurants, are being liquidated by Iron Horse Auction due to long-term COVID closures.
CHARLOTTE, N.C., Nov. 17, 2020 /PRNewswire/ -- As COVID-19 shows no signs of slowing down, auction companies are faced with a harsh reality—pandemic-related closures of local and small businesses are on the rise. Most heavily hit are entertainment-related businesses deemed as non-essential. These companies are turning to auction companies like Iron Horse in an attempt to salvage some monies from their assets.
Longtime Charlotte resident and auctioneer at Iron Horse, Sonny Weeks, has been at the forefront of this crisis. Weeks stated, "Entertainment businesses that once had lines down the street cannot survive being shut down for months on end. Helping once thriving businesses close their doors really pulls at your heart strings."
The auction world is now mostly abandoning live sales, which typically brings together large numbers of people in confined areas. Instead, auction companies are bolstering their online presence by hosting livestream auctions as well as posting pictures, videos, and detailed descriptions of items for sale on websites in virtual auctions.
Auction companies are often the first to see an economic downturn. Weeks noted, "It's a bittersweet deal. I'm grateful for the business opportunity, but it's difficult to have hard conversations with the owners of businesses I once loved and frequented."
Iron Horse is set to sell the furniture, fixtures, and equipment of an uptown Charlotte entertainment complex, including a large movie theatre and eight restaurants. The auction will take place at https://www.ironhorseauction.com/ and will close on December 1, 2020.
Iron Horse Auction Company, Inc., serving the Southeast for 30 years, provides comprehensive asset recovery and marketing services for America's leading corporations, non-profit organizations, professionals, and individuals in Alabama, Georgia, North Carolina, South Carolina, Florida, West Virginia, and Virginia.
If you would like more information about this topic, please call Sonny Weeks at 704.200.3201 or email [email protected].
SOURCE Iron Horse Auction Company
Share this article