Great American Group has secured an agreement to manage the closure of Masters Home Improvement Stores in Australia, the company announced Thursday.
Great American is an auction and liquidation company in Woodland Hills. It is owned by B. Riley Financial Inc.
Great American Group's Australian subsidiary, GA Australia, will manage closure sales for all 63 Masters locations for parent company Woolworths Ltd. The going-out-of-business sales will feature appliances, electrical tools, lighting and other home improvement goods.
“Following a seven-month process and extensive due diligence with Woolworths advisors, Great American was selected based on our 40-year track record of helping international specialty retailers effectively manage complicated situations and maximize the value of inventories,” said Andrew Gumaer, chief executive of Great American, said in a statement. “This is a tremendous opportunity to assist in one of the largest single liquidations globally.”
Shares of B. Riley closed Friday down 6 cents or a fraction of a percent to $9.83 on the Nasdaq.