National Wholesale to sell or liquidate in next two weeks

[store215]

NEW YORK, Nov 13 (Reuters) - Bankrupt retailer National Wholesale Liquidators has told its lenders if it does not find a buyer in the next two weeks, it will liquidate its stores, according to court documents.

The West Hempstead, New York-based company, which sells household products, clothing and food at discount prices in 10 states and Washington, D.C., filed for Chapter 11 bankruptcy protection on Nov. 10, citing the economic slowdown and difficulty with obtaining credit. The company has been trying to find a buyer since 2006, but has been unsuccessful.

National Wholesale Liquidators has received debtor-in-possession financing of $7 million from General Electric Capital Corp GEA.N and Wells Fargo Retail Finance, which will be used to pay for general operations, according to court documents.

The company said in documents it has "agreed with the DIP lenders that they shall effectuate either a sale or liquidation of the debtors' business on or before Nov. 26, 2008."

As of Nov. 10, National Wholesale Liquidators had 1,948 employees.

The family owned company was founded in 1984. In 1998, private equity firm Madison Dearborn Partners bought a 60 percent equity stake in the company. (Editing by Maureen Bavdek)
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Kind of funny how a "liquidation" store can't stay in business with all the other stores closing. I guess Big Lots and some of the smaller operations are the only ones scraping by.

[Mobil]

Originally posted by MBZ321
NEW YORK, Nov 13 (Reuters) - Bankrupt retailer National Wholesale Liquidators has told its lenders if it does not find a buyer in the next two weeks, it will liquidate its stores, according to court documents.

The West Hempstead, New York-based company, which sells household products, clothing and food at discount prices in 10 states and Washington, D.C., filed for Chapter 11 bankruptcy protection on Nov. 10, citing the economic slowdown and difficulty with obtaining credit. The company has been trying to find a buyer since 2006, but has been unsuccessful.

National Wholesale Liquidators has received debtor-in-possession financing of $7 million from General Electric Capital Corp GEA.N and Wells Fargo Retail Finance, which will be used to pay for general operations, according to court documents.

The company said in documents it has "agreed with the DIP lenders that they shall effectuate either a sale or liquidation of the debtors' business on or before Nov. 26, 2008."

As of Nov. 10, National Wholesale Liquidators had 1,948 employees.

The family owned company was founded in 1984. In 1998, private equity firm Madison Dearborn Partners bought a 60 percent equity stake in the company. (Editing by Maureen Bavdek)
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Kind of funny how a "liquidation" store can't stay in business with all the other stores closing. I guess Big Lots and some of the smaller operations are the only ones scraping by.

They are all closed already!