Gordon Brothers, the global advisory and investment firm, will sell retail leases and operate going-out-of-business sales at all 39 retail store locations of Esco Ltd., operating as Shoe City, throughout Maryland, Virginia and Washington, D.C.
After 70 years in business, Shoe City filed for Chapter 11 reorganization on March 31, and the bankruptcy court authorized going-out-of-business sales.
The stores range in size from 2,000 to 9,900 square feet and include street front, regional mall and strip center sites.
“These leases offer a fantastic opportunity for retailers looking to expand their footprint,” said James Avallone, Senior Managing Director, Real Estate at Gordon Brothers. “The stores offer high-traffic locations with attractive co-tenancy and favorable lease terms with options.”
Beginning today, storewide price reductions go into effect at all store locations with up to 30% off original prices on the entire stock of athletic footwear and apparel, including new arrivals and highly sought-after brands. Additionally, store fixtures are available for purchase throughout the going-out-of-business sales.
“We encourage consumers to shop early to take advantage of the best selection of great products and savings while supplies last,” said Durien Sanchez, Managing Director, Retail at Gordon Brothers.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, management teams, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four services areas: valuations, dispositions, financing and investment. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to provide maximum liquidity, put assets to their highest and best use and mitigate liabilities. The firm conducts more than $100 billion worth of dispositions and appraisals annually and provides both short- and long-term capital to clients undergoing transformation. Gordon Brothers lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services. The firm is headquartered in Boston, with over 30 offices across five continents.