COURT APPROVES GOING-OUT-OF-BUSINESS SALES FOR TROUTMAN'S EMPORIUM; Buxbaum Group, SB Capital Group, Tiger Capital Group to Run Liquidation
EUGENE, Ore., Feb. 28, 2003 (PRNewswire) - Going-out-of-business sales will begin immediately in the 34 family department stores in five states operated by Troutman's Emporium.
The sales, which start today, are being conducted by a joint venture consisting of the national leading liquidating firms Buxbaum Group, SB Capital Group, and Tiger Capital Group. The liquidators were approved yesterday by the U.S. Bankruptcy Court for District of Oregon, in Eugene. Emporium, a privately held family department store operator, filed for protection under Chapter 11 of the Federal Bankruptcy Code on Jan 14, 2003. The bankruptcy filing covered the Troutman Investment Company (DBA Troutman's Emporium), a Eugene, Ore.-based corporation.
In addition to inventory disposal, Buxbaum Group, SB Capital Group, and Tiger Capital Group are assisting with the sale of the store fixtures and equipment, which are all expected to be sold at significant discounts. Payment may be made with cash, major credit cards, and with Emporium's private label card.
Locations typically range in size from approximately 16,000 to 80,000 square feet. The company has approximately 1,600 employees in its stores, headquarters and a distribution center. Emporium operates in the western part of the country, with stores located in Oregon, Washington, Idaho, Nevada and California. Troutman's Emporium was founded by Dallas Troutman, who was 25 when he opened his first department store in 1955, in North Bend, OR. The 4,000 square foot former grocery store was distinguished by movable walls that could be adjusted depending upon the inventory levels. That first location was later expanded into a regional chain.
"After 48 years in business, Troutman's Emporium was known for its commitment to customer satisfaction, but in today's competitive environment, that just isn't enough to attract and retain customers," said Paul Buxbaum, CEO of Buxbaum Group. "In this new era, the public has shifted its buying patterns, and family department stores are getting squeezed in the middle. If the company's locations are ultimately leased to other retailers, we would hope that current Troutman's employees could be quickly repositioned with new employers."
Buxbaum Group, based in Calabasas, Calif.; Tiger Capital Group, which is based in Boston, Mass.; and Great Neck, N.Y.-based SB Capital Group are nationally recognized firms in the liquidation business. They specialize in consumer-product inventories, machinery and equipment and other assets.
At Buxbaum Group, Arnold Rubenstein, (800) 990-6820; at Parness & Associates Public Relations, Bill Parness or Lisa Kreda (732) 290-0121.