Boston-based liquidator Gordon Brothers Group has offered to buy bankrupt G.I. Joe’s Holdings Corp. and sell its merchandise, valued at $128.5 million, for $61 million, representatives for the Wilsonville, Ore.-based retailer and the liquidator said in a court hearing this morning.
Affected would be 31 stores operating as Joe’s Sports, Outdoor & More in the Northwest, including one in Spokane Valley and two in Idaho.
A store employee at the Spokane Valley store said he was told Gordon Brothers would arrive in town this week to begin selling off merchandise. He also said he was told the company’s gift cards are good through April 24. No closing date has been mentioned.
The acquisition by the liquidator was to be approved Thursday afternoon in a Delaware bankruptcy court.
Gordon Brothers’ was the highest of three bids made by liquidators in recent weeks. No bids were made that aimed to continue operating the 57-year-old chain.