Gordon Brothers Group & Hilco Merchant Resources to Close All Deb Shops Stores
Going Out of Business Sales Begin Tomorrow, January 9th, at All Locations Throughout the U.S.
Jan 08, 2015, 06:46 ET
BOSTON, Jan. 8, 2015 /PRNewswire/ -- Gordon Brothers Group and Hilco Merchant Resources announced today that they will begin going-out-of-business sales at all Deb Shops retail locations nationwide beginning Friday, January 9th. After over 80 years in business, Deb Shops, a Philadelphia-based women's fashion discount retailer, is closing its doors. The company filed for Chapter 11 protection on December 4, 2014. On January 7, 2015, Gordon Brothers Group and Hilco Merchant Resources were awarded the store closing process for all locations by the bankruptcy court. Deb Shops currently operates approximately 287 retail locations. Store closing sales will begin on January 9th and will involve discounts of 30-50% on all Junior and Plus Size apparel, including tops, sweaters, jeans, pants, dresses, activewear, outerwear, and lingerie. Store furniture, fixtures, and equipment will also be for sale.
"We thank our many customers and dedicated employees for their tremendous loyalty over the years and are very proud of our associates' commitment to maintaining the high level of customer service we are known for throughout this transition," said Dawn Robertson, Chief Executive Officer, Deb Shops.
"While Deb Shops has a reputation for every day value, we encourage customers to take advantage of the significant additional discounts available during this time while the selection lasts," Rick Edwards, Co-President, Gordon Brothers Group's Retail Division stated.
"We anticipate that this will be a short sale due to the outstanding savings and the very desirable assortment of fashion and accessories. Consumers are encouraged to shop early to enjoy the greatest selection," said Mike Keefe, President and CEO of Hilco Merchant Resources.
Gordon Brothers Group and Hilco Merchant Resources will oversee the going-out-of-business sales on behalf of Deb Shops in all locations. Store locations will remain open until all merchandise has been sold.
Deb Shops gift cards will be honored through March 8th.
About Deb Shops
Founded in 1932 in Philadelphia, Pennsylvania, Deb Shops originated as a discount hosiery and lingerie retailer under the name, JOY Hosiery. The Company was renamed "Deb Shops" in 1970 and re-focused its strategy on selling women's and girls' fashion and accessories. At this time the Company also closed many neighborhood stores and opened larger stores in shopping malls. Deb Shops operates approximately 287 retail stores across 42 states.
About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) 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. (www.gbfinco.com).
About Hilco Merchant Resources, LLC
Hilco Merchant Resources (www.hilcomerchantresources.com) 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.
Hilco Merchant Resources is part of Northbrook, Illinois based Hilco Global, the world's leading authority on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates twenty specialized business units offering services that include asset appraisal, retail and industrial inventory acquisition and disposition, real estate repositioning and renegotiation, strategic advisory and operational consulting and strategic capital equity investments. For more information please visit: (www.hilcoglobal.com).
SOURCE Gordon Brothers Group