Great American Group, a subsidiary of B. Riley Financial Inc. in Woodland Hills, will operate store closing sales at all Payless ShoeSource locations in the United States and Puerto Rico, the company announced Thursday.
The sales events, organized in conjunction with Tiger Capital Group, will be the largest liquidation by store count in retail history, according to a news release from the company.
Sales conducted at about 2,100 stores should liquidate inventory valued at more than $1 billion. The sales began Feb. 17.
“The Payless liquidation is representative of yet another significant transaction for our firm and the expertise we deliver for each deal,” Scott Carpenter, president of retail solutions at Great American Group, said in a statement.
Payless filed for Chapter 11 bankruptcy protection on Monday.
Other high-profile retail liquidations for Great American Group include 798 Gymboree and Crazy 8 stores across the United States and Canada this year, as well as Toys ‘R’ Us and Babies ‘R’ Us in 2018.
In April 2018, the group also purchased the rights to merchandise, real estate, intellectual property and other assets for Bon-Ton Stores for approximately $780 million, the largest liquidation by inventory in retail history. Tiger Capital Group and Wilmington Savings Fund Society FSB jointly acquired rights to Bon-Ton assets as part of the deal.