Bankruptcy Auction Ordered to Liquidate Real Estate and Business Holdings of Mercer Rug - Two Buildings Sell Regardless of Price

VIRGINIA BEACH, Va., Dec. 2, 2011 /PRNewswire/ -- In operation for over 70 years and still in operation today, Mercer Rug Cleansing of Richmond, VA, has been ordered, by the U.S. Bankruptcy Court, to sell its real estate and business assets via auction.

In a bid to preserve the 15 jobs provided by this venerable area-rug-cleaning and repair business, and to generate maximum returns for creditors, Tranzon Fox has been marketing the business regionally as a going-concern that has generated an average annual gross of $800,000 to $900,000 over the past three years.

Prospective purchasers can bid on the business in its entirety, or on any of four offerings that include the business location at 3116 West Moore Street, the intangible business assets, and two offerings of furniture, fixtures, and equipment associated with the business. The process requires that sealed bids be submitted no later than Thursday, December 15, 4 p.m.

Additionally, those interested in only the real estate associated with Mercer Rug Cleansing should attend a public auction to be held December 19, 1 p.m., at the Richmond offices of Hirschler Fleischer.

At that auction, parties can bid on three commercial buildings in Richmond. The first of these is a 23,126+/- sq. ft. commercial building at 3116 W. Moore Street, in Richmond's Scott's Addition.

The second and third of those buildings will be offered regardless of price, at absolute bankruptcy auction. One is a 6,242+/- sq. ft., two-bay industrial building in Scott's Addition that's ideal for a small light-industrial user or investor. It's located at 3109 W. Moore St.

The other structure to be offered absolute is in Richmond's Oregon Hill. This 17,319+/- sq. ft. building with an adjacent lot is within walking distance to VCU and is an ideal rehab candidate, with the potential to garner state and federal historic tax credits. It is at 407 S. Cherry St.

The auction is being conducted by Tranzon Fox (VAAF 423). For complete details about the auction, go to www.tranzon.com and search "FX1669," or call Bill Londrey at (804) 355-2251, or [email protected].

Tranzon Fox is a member company of Tranzon, L.L.C., and is a full-service auction and real estate disposition company. Tranzon has completed over $1.6 billion of real estate auction sales since its founding in 2000. For more information about this auction or to learn more about Tranzon, visit www.tranzon.com.

SOURCE Tranzon Fox