Building #19 Files For Chapter 11 Bankruptcy
Boston, MA - Building #19, a Massachusetts based discount retailer, has filed for Chapter 11 Bankruptcy Protection and will begin storewide sales for their 10 New England discount stores on November 7, 2013. Massachusetts store locations include Burlington, Hanover, Haverhill, Natick, New Bedford, Norwood and Weymouth, in addition to Manchester, N.H. and Cranston & Pawtucket, R.I.
For over 50 years, Building #19 has offered an eclectic assortment of items, including windows from Boston’s John Hancock Tower, artificial turf from the New England Patriots’ Gillette Stadium and unassembled WWII motorcycles, at drastically discounted prices, providing great value to customers. Unfortunately, like other independent discount retailers, Building #19 has been subjected to a variety of market forces including deep recession, increased competition and pressure on gross margins. Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, will oversee the store closing sales on the Company’s behalf.
“Regardless of recent business challenges, providing “good stuff cheap” and customer satisfaction has been and will continue to be Building #19’s hallmark,” said Gerry Elovitz, Founder of Building #19. “Our employees continue to do a tremendous job maintaining high quality standards and they are dedicated to fully serving our customers during this transition. We appreciate the continued support of our valued customers over the years and hope they take advantage of the significant savings during these sale events.”
“This iconic New England retailer is already known for its bargain pricing and we encourage customers to visit Building #19 stores to find even greater discounts while the selection lasts,” Tim Shilling, Managing Director, Gordon Brothers Group’s Retail Division stated.
The law firm of Murphy and King and the Boston based turnaround consulting firm, The Tron Group, will be assisting the management team during the Chapter 11 process.
All inventory will be on sale and items will be discounted up to 40%.