On Thursday, Great American Group, Inc., a leading provider of asset disposition, valuation and appraisal services, announced that GA Europe, their European subsidiary, has acquired a portion of the outstanding debt of the United Kingdoms discount department store operator TJ Hughes for an undisclosed amount. TJ Hughes has struggled for the past few years against a backdrop of reduced consumer spending and increased competition.
TJ Hughes is a 99-year-old department store chain based in Liverpool. They operate 56 discount department stores throughout the United Kingdom. On June 30, 2011, they entered administration with Ernst Young acting as their administrator. GA Europe is working closely with the administrators on the stores inventory liquidation and assisting in the examination of options available to TJ Hughes.
On August 1, 2011, the administrators announced the sale of four TJ Hughes stores in Liverpool, Eastbourne, Glasgow and Sheffield to Lewiss Home Retail, saving 442 jobs.
Headquartered in Woodland Hills, California, Great American Group, LLC is a leading provider of asset disposition solutions and valuation and appraisal services. The Company provides their solutions and services to a broad spectrum of retail, wholesale and industrial clients, as well as lenders, capital providers, private equity investors and professional service firms. Great American Group has offices in Atlanta, Boston, Chicago, Dallas, London, Los Angeles, New York and San Francisco. The Company’s services include asset dispositions, auctions, appraisal and valuation services, real estate services, evaluation of intellectual property and other intangible assets, loan sale advisory and home auctions.
Great American Group’s GA Europe is a 100 percent subsidiary. GA Europe operates in partnership with retailers and their financial stakeholders across Europe to resolve complex or distressed situations. Great American Group/GA Europe has handled over $10 billion of retail stock clearance and has provided nearly 4,000 appraisals, over the last five years.
For more information visit: www.greatamerican.com
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