Joe’s to begin liquidation soon
Group wins approval to take over bankrupt sporting goods store chain
Liquidator Gordon Brothers Group won tentative approval Thursday to buy bankrupt G.I. Joe’s Holding 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.
The decision means Gordon Brothers will send consultants to all 31 Joe’s Sports, Outdoor & More stores in the Northwest today, launching liquidation sales immediately.
The Spokane Valley Joe’s, which opened in fall 2007, may start selling merchandise as early as this afternoon, store Manager David Qualls said.
“We’re told consultants (from Gordon’s) will be here Friday morning and we could be selling by afternoon,” Qualls said.
The 57-year-old company declared Chapter 11 bankruptcy earlier this year.
New York-based Gordon Brothers made the highest of three bids by liquidators. No bids were made that aimed to continue operating the 57-year-old sporting goods chain.
The same company was hired to liquidate the assets of defunct electronics retailer CompUSA.
In 2007, G.I. Joe’s was bought by Gryphon Investments, a San Francisco-based private equity firm, which changed the name to Joe’s Sports, Outdoor & More.
Qualls said the Spokane Valley store, at 13902 E. Indiana, Ave., employs 40. Six were salaried managers, he said.
Once the liquidation starts, items will be sold at 10 to 30 percent discount, he added.
Gift cards and store refunds for items already purchased will be accepted through April 24, Qualls said.