Lack's liquidating all inventory - KLTV.com - Tyler, Longview, Jacksonville |ETX News

Lack's liquidating all inventory

Released by Lack's Furniture:

CHICAGO, IL - November 18, 2010- After more than 70 years in business, and under authority of a U.S. Bankruptcy court, store closing sales are now in progress at all 36 Lacks Home Furnishings, Inc. stores in Texas. $40 million of top quality furniture, bedding, major appliances, televisions and home accessories will be liquidated.

Discounts from 30% to 50% are offered on all merchandise at every Lacks location. Consumers will benefit from very significant savings on Lacks' entire stock of furniture for the bedroom, living room, dining room, kids' room, den and home office. There are substantial price reductions on all mattress sets, home theater entertainment centers and decorative accessories, as well. In addition, all famous brand televisions and appliances, including washers, dryers, ranges, refrigerators and dishwashers are now deeply discounted.

Liquidation of all inventory and store fixtures is being managed by a joint venture composed of Hilco Merchant Resources, LLC and SB Capital Group, LLC.

Cory Lipoff, Executive Vice President and Principal at Hilco Merchant Resources stated, "This is a tremendous opportunity for home owners and apartment renters to take advantage of truly compelling discounts on a huge selection of furniture, appliances and accessories. We anticipate that today's value conscious consumer will respond very positively to these outstanding savings on quality home furnishings from a company with a long and proud history. We expect this will be a short sale."

Based in Northbrook, IL, Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, operational, asset monetization and capital investment services to help retailers define and execute strategic initiatives. Hilco can acquire, co-invest in or facilitate the merger of retail operations; purchase or otherwise dispose of duplicative stores, underperforming divisions, unnecessary distribution centers, inventory, owned real estate, leases, and furniture, fixtures and equipment. Hilco also provides retail restructuring services, interim store management, loss prevention services, marketing and advertising management, merchandising management, and strategic store opening programs.

SB Capital Group, a Schottenstein affiliate, is a leader in the field of asset recovery, rescue finance, restructuring and strategic store closing events. As equity stakeholders in businesses comprising sectors as diversified as retail enterprises, consumer products, franchising, licensing and real property, SB Capital Group leverages resources and depth of experience to provide services with applicability across a wide spectrum of industries. Recognized worldwide as a trusted partner for businesses and professionals, SB Capital Group's participation in transactions that span the globe has solidified a reputation as one of the most creative and innovative financial service and asset realization firms in existence today. Discover more at www.sbcapitalgroup.com.

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