Gordon Brothers Group and Hilco Merchant Resources said that they began a process for going-out-of-business sales at all 95 Mexx retail locations in Canada on Friday, December 19th. The initiative is a result of the company’s decision to file for bankruptcy due to competition from other retailers. Based in Amsterdam, the Netherlands, Mexx is a retail chain that sells men’s, women’s and children’s clothing and accessories as well as home furnishings. The global business, including Mexx Canada, was acquired by U.S. private equity firm The Gores Group in October 2011.
Gordon Brothers Group & Hilco Merchant Resources to Close All Mexx Stores in Canada
BOSTON, Dec. 19, 2014 /CNW/ — Gordon Brothers Group and Hilco Merchant Resources announced today that they will begin going-out-of-business sales at all Mexx retail locations throughout Canada beginning Friday, December 19th. The Company filed a Notice of Intention to Make a Proposal under the Bankruptcy Insolvency Act on December 3, 2014 after struggling against competition from both online and other brick and mortar retailers. Richter is acting as Trustee. Mexx currently operates 95 retail locations across Canada. Discounts of 30% to 50% off original prices on all merchandise will be offered on the entire inventory of men’s, women’s and children’s apparel, accessories and room furnishings. Furniture, fixtures and equipment from the stores, warehouse and corporate offices will also be available for sale.
Substantial reductions off original prices will be taken on every item in stores, including new arrival tops, sweaters, jeans, shoes, handbags, jewelry and room decor.
“This international retailer is known for its high quality fashion and on trend merchandise assortment. We encourage customers to visit their local stores to take advantage of the great savings that will be available throughout the sale, just in time for the holidays,” Rick Edwards, Co-President of Gordon Brothers Group’s Retail Division stated.
Mike Keefe, President and CEO of Hilco Merchant Resources, said “Mexx is a very popular international brand and consumers are encouraged to save while the selection is best. Because of the compelling discounts and spectacular assortment of merchandise, we expect this will be a short sale.”
Mexx gift cards will be honored throughout the sale.
Founded in Amsterdam, Netherlands, Mexx is an international retail chain that sells men’s, women’s and children’s clothing and accessories as well as home furnishings. Mexx is headquartered in Amsterdam and operates over 800 retail stores across 55 countries.
About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, mitigating leases, appraising assets and operating businesses for extended periods. Gordon Brothers Group conducts over $50 billion worth of transactions and appraisals annually. As of November 2014, debt financing is provided by Gordon Brothers Finance Company. (www.gbfinco.com).
About Hilco Merchant Resources, LLC
Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, asset monetization, and capital investment services to help you define and execute a retailer’s strategic initiatives. Hilco Merchant Resources’ activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment.
Hilco Merchant Resources is part of Northbrook, Illinois based Hilco Global, the world’s leading authority on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates twenty specialized business units offering services that include asset appraisal, retail and industrial inventory acquisition and disposition, real estate repositioning and renegotiation, strategic advisory and operational consulting and strategic capital equity investments. For more information please visit: (www.hilcoglobal.com).
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/gordon-brothers-group–hilco-merchant-resources-to-close-all-mexx-stores-in-canada-300012679.html
SOURCE Gordon Brothers Group
For further information: Elizabeth Sarhaddi-Blue, Director, Marketing, Gordon Brothers Group, (617) 422-6545,firstname.lastname@example.org; Gary Epstein, Chief Marketing Officer, Hilco Global, (847) 418-2712, email@example.com, http://www.gordonbrothers.com
Photo courtesy of Shutterstock