COLLECTORS ART TO BEGIN GOING-OUT-OF-BUSINESS SALE
AT THREE WAREHOUSE LOCATIONS - Event begins tomorrow in Bensalem, Pa.; Dundee, Ill.; and San Diego, Calif.
DUNDEE, Ill. (2/22/07)—After 25 years of offering quality oil paintings to the public at hotel events throughout the United States, Collectors Art will be launching a going-out-of-business sale at its three warehouse locations tomorrow.
All paintings and frames from the company’s inventory will be offered to the public at discounts of 25% to 70% off retail prices at the warehouses, which are located at 1108 Heinz Drive in Dundee, Ill. (metro Chicago); 7710 Formula Place in San Diego, Calif.; and 780 Haunted Lane in Bensalem, Pa. (metro Philadelphia). The company is liquidating approximately $5.5 million in inventory (at retail).
Founded in 1982, the Dundee-based Collectors Art offers a diverse selection of hand-painted works that ranges from lively abstracts to classic florals, Tuscan landscapes, seascapes, street scenes, portraits, and renditions of old masters. Prior to the sale, most works in the company’s inventory ranged in price from $19 to $2,000.
“We will be turning the warehouses into stores offering incredible buys on thousands of high quality oil paintings,” said Stevan Buxbaum, executive vice president of Buxbaum Group, the Calabasas, Calif.-based consulting firm running the going-out-of-business sale.
Buxbaum noted that Collectors Art is shutting its doors and liquidating its assets under an Assignment for the Benefit of Creditors. Nancy A. Ross, of High Ridge Partners, Inc., is the Assignee-Trustee on the case.
“This is a less expensive process for the debtor and creditors than a Chapter 11 bankruptcy filing,” Buxbaum explained. “After over two decades of successful operation, the company saw its profits erode in the last several years primarily due to rapidly rising costs associated with the promotion of its road shows at hotels and other venues across the country. With those costs cutting into the amount of advertising it could afford, Collectors Art saw revenues begin to decline as well, ultimately bringing it to this final sale.”
The three warehouses will be open from 10:00 a.m. to 6:00 p.m., seven days a week. Credit cards and cash will be accepted.
Collectors Art was launched in 1982 with the pair of 13,000-square-foot warehouses in San Diego and Dundee, with the California location initially serving as its headquarters. In 2001, the company relocated its headquarters to Dundee. While the facilities in San Diego and Dundee were operated on a year-round basis, the 10,000-square-foot warehouse in Bensalem was leased from December through March of each year to support hotel shows run on the East Coast during that timeframe. At its peak, the company had approximately 60 warehouse and office employees during the busy January-March selling season, augmented by seasonal field personnel who staffed the hotel shows.
The company currently has approximately 20 full-time employees at the three facilities. “Undoubtedly, the saddest part of this process will be to say good-bye to our loyal employees, many of whom have been with us for over 15 years,” said Martin Hancock, president of Collectors Art. “We wish them the best and appreciate their support during this final sale.”
About Buxbaum Group - Buxbaum Group had built its reputation for over 30 years as one of the largest liquidators and appraisers of retail and wholesale inventories across North America. While continuing to operate in those areas, the company has shifted its primary focus in recent years to turnaround investing.
Press Contacts: At Buxbaum Group, Stevan Buxbaum, (800) 990-6820; at Parness & Associates Public Relations, Lisa Kreda or Bill Parness,