Heilig-Meyers to Close 346 Stores; Going Out of Business Sales to Began April 27. Scheduled Closures Include Stores in: AL, AZ, CO, FL, GA, IA, IL, IN, KY, LA, MO, MS, NC, NM, NV, OH, OK, PA, SC, TN, TX, VA & WV

Furniture World Magazine

Going Out of Business sales began Friday, April 27, at 346 Heilig-Meyers stores with liquidation discounts taken on all merchandise. These sales were initiated after the U.S. Bankruptcy Court for the Eastern District of Virginia approved the selection of a four-company partnership to orchestrate the process for the Richmond, Va., - based Heilig-Meyers. The partnership of Hilco Merchant Resources, of Chicago, Schottenstein Bernstein Capital Group LLC of Columbus, Ohio, and Great Neck, N.Y., The Ozer Group LLC of Needham, Mass., and Professional Sales & Consulting Company Inc. of Enterprise, Ala, and Orlando, Fla., prevailed over several other companies for the right to liquidat more than $250 million in inventory at these 346 Heilig-Meyers' stores. After yesterday's court ruling, representatives of the partnership were immediately deployed to prepare the stores and the merchandise for immediate liquidation. The Company opened its first Heilig-Meyers store in 1913 and at its peak operated more than 900 stores across the US and Puerto Rico. "While it is sad to see the end of what is truly a piece of Americana, the short term upside in this case is really for the consumers. These stores are packed with the highest quality furniture for every room in the house and since this is the end of the final Heilig-Meyers stores, everything is going to have to be sold, even if it's at very steep discounts," the partnership of liquidators said. Hilco Merchant Resources, its parent company, Hilco Trading Co. Inc. and its affiliates, with offices in Boston, Toronto and London, provide strategic financial services for retailers, distributors, manufacturers, lenders, venture capitalists, investment bankers and the professionals that serve them. Hilco Trading Co. Inc. has offices across North America with national and international resources, capabilities and experience. For more than 25 years, Hilco Trading Co. and its principals have sold more than $25 billion of retail inventories in more than 1,000 major liquidations involving 7,500 locations. To learn more about Hilco Merchant Resources, visit www.hilcotrading.com. Schottenstein Bernstein Capital Group LLC is a provider of retail consulting services and purchaser of retail assets, including inventory, receivables and property. An affiliate of Schottenstein Stores Corporation, owner and operators of Value City Department Stores, DSW Designer Shoe Warehouse, Value City Furniture and American Eagle Outfitters, SBCG performs specialized services for fellow retailers in the areas of management consulting, inventory valuation/liquidation and retail acquisitions and dispositions. SBCG operates throughout North and South America and Europe with offices in Columbus, Ohio, New York, Birmingham, England and Sao Paolo. For further information on SBCG, visit www.esbcg.com The Ozer Group is one of the country's leading retail consulting, business evaluation and asset disposition firms. Ozer is quick, flexible and creative in offering solutions to retailers of all sizes throughout North America and Europe. In addition to helping companies maximize realization for their assets, Ozer manages human resources issues, real estate relationships and other critical areas that are affected when companies undergo change. Ozer's management and partners are retailers who have managed thousands of stores and billions of dollars in inventory. To learn more about The Ozer Group, visit www.ozer.com . Professional Sales & Consulting Company Inc. specializes in the liquidation of furniture and appliance retailers across the United States and Canada. Professional Sales conducts liquidation sales with large and small furniture retailers. Professional Sales & Consulting helps furniture retailers exit poorly performing locations and conducts cash raising sales. To see the list of Heilig-Meyers stores, please use the store locator at http://www.heiligmeyers.com/store/