Montgomery Ward: the Closing of an Era Major Public Auctions at all Locations Across the U.S.

Apr 03, 2001, 01:00 ET from Rabin Worldwide

    SAN FRANCISCO, April 3 /PRNewswire/ -- After 126 years in business,
 Montgomery Ward has finally closed its doors. Starting as a mail-order catalog
 business in 1872, the company grew to be one of the largest, privately owned
 retailers in the United States. Efforts to reformat stores and revitalize
 merchandise were not enough to beat sluggish sales, forcing Wards to finally
 succumb to the fierce competition.
     The liquidation of Montgomery Ward will continue on a daily basis
 throughout the month of April with the sale of retail stores, warehouse
 distribution centers and product service outlets. In addition to the remaining
 (150) retail store locations that are now being auctioned, this massive
 liquidation will include over (500) forklifts, literally miles of warehouse
 racking, plus office furnishings and computer equipment.
     Also being offered will be the contents of the Ward's Corporate Tower in
 downtown Chicago. This auction will feature 24-floors loaded with exquisite
 office furnishings, satellite communications system, and an enormous amount of
 19th century memorabilia and collectibles.
     "This is a huge event -- a marathon auction run in which everything will
 be sold to the bare walls by the end of April," said Richard Reese, President
 of Rabin Worldwide. "Within the past 18 months, Ward's completely renovated
 over (100) retail store locations at a cost of approximately $2 million
 dollars per store. Retailers and brokers who will participating in the
 upcoming auctions will find like new store furnishings and fixtures being sold
 at pennies on the dollar of their original cost."
     To find out when the Wards closest to you will be auctioned, please go to
 www.rabin.com for details. Serving business and industry for over 50 years,
 Rabin Worldwide is renowned as the leader in B2B equipment auctions around the
 world. Rabin is working in conjunction with Capital Recovery Group based out
 of Connecticut and a nationwide network of other auctioneers.
     A list of all locations and auctions dates are available. For further
 information about the Wards sales, please visit our website or call
 800-421-2144.
 
 

SOURCE Rabin Worldwide
    SAN FRANCISCO, April 3 /PRNewswire/ -- After 126 years in business,
 Montgomery Ward has finally closed its doors. Starting as a mail-order catalog
 business in 1872, the company grew to be one of the largest, privately owned
 retailers in the United States. Efforts to reformat stores and revitalize
 merchandise were not enough to beat sluggish sales, forcing Wards to finally
 succumb to the fierce competition.
     The liquidation of Montgomery Ward will continue on a daily basis
 throughout the month of April with the sale of retail stores, warehouse
 distribution centers and product service outlets. In addition to the remaining
 (150) retail store locations that are now being auctioned, this massive
 liquidation will include over (500) forklifts, literally miles of warehouse
 racking, plus office furnishings and computer equipment.
     Also being offered will be the contents of the Ward's Corporate Tower in
 downtown Chicago. This auction will feature 24-floors loaded with exquisite
 office furnishings, satellite communications system, and an enormous amount of
 19th century memorabilia and collectibles.
     "This is a huge event -- a marathon auction run in which everything will
 be sold to the bare walls by the end of April," said Richard Reese, President
 of Rabin Worldwide. "Within the past 18 months, Ward's completely renovated
 over (100) retail store locations at a cost of approximately $2 million
 dollars per store. Retailers and brokers who will participating in the
 upcoming auctions will find like new store furnishings and fixtures being sold
 at pennies on the dollar of their original cost."
     To find out when the Wards closest to you will be auctioned, please go to
 www.rabin.com for details. Serving business and industry for over 50 years,
 Rabin Worldwide is renowned as the leader in B2B equipment auctions around the
 world. Rabin is working in conjunction with Capital Recovery Group based out
 of Connecticut and a nationwide network of other auctioneers.
     A list of all locations and auctions dates are available. For further
 information about the Wards sales, please visit our website or call
 800-421-2144.
 
 SOURCE  Rabin Worldwide