13792 Wed, 02/13/2008 - 1:20pm
NORWOOD, Mass.–Liquidation of Domain Home, a top 100 home furnishings chain with 27 stores, is set to begin today.
The sale was ordered by the bankruptcy court as a result of Domain’s Chapter 11 bankruptcy filing on Jan. 18. The retail value of the furniture, accessories, lighting, rugs, fixtures and equipment to be liquidated is approximately $20 million, but liquidators expect to make far less than that, they said. Hudson Capital Partners, of Newton, Mass., and Great American Group, of Los Angeles are handling the liquidation.
The sale, which involves all Domain store locations in Massachusetts, Connecticut, New Jersey, New York, Pennsylvania, Maryland and Virginia, is expected to take several weeks. When it’s over, all of the Domain retail locations will be closed, said Jim Schaye, president and co-founder of Hudson Capital Partners. Store lease designations were not part of this auction, but will be handled separately, he noted.
Schaye is a managing partner in private-equity firm Golden Acquisition, which was formed by Hudson Capital’s executives to buy a minority stake in Domain from Aga Foodservice last year.
“The state of the furniture industry is very, very challenged,” Schaye told HFN. “I’ve never seen so many furniture liquidations in such a short time.”