Hart Stores to begin closing sales in 32 of its 92 stores in Eastern Canada as part of restructuring
October 21, 2011
– As it restructures its operations under protection of the Companies' Creditors Arrangement Act (CCAA), Hart Stores Inc. will begin closing sales today in 32 of its 92 stores in Eastern Canada. Every item in the locations being liquidated will be marked down for immediate sale.
Following Court approval on October 19, liquidation sales directed by Tiger Capital Group, LLC will get under way at the selected Hart, Bargain Giant and Geant des Aubaines stores, including 12 locations in Quebec, 11 in Newfoundland and Labrador, 5 in Ontario, 2 in New Brunswick and 2 in Nova Scotia.
Founded in Rosemere, Quebec, in 1960 the company operates stores averaging 26,000 square feet in smaller markets in Eastern Canada. The stores offer an extensive and differentiated selection of national and exclusive fashion apparel brands, as well as family footwear, home furnishings, electronics, appliances, giftware, toys, and seasonal goods.
"For over 50 years, Hart has offered under-served consumers in remote markets a fantastic selection of quality merchandise at great prices, differentiating itself from big-box competitors with a mid-sized store format that offers convenience and one-stop shopping," said Daniel M. Kane, managing member of Tiger Capital Group. "Now, as the company moves to restructure its operations by closing under-performing locations, Hart's loyal consumers will have an unprecedented opportunity to get an even greater value in these stores. With the holiday season approaching, we expect the merchandise to sell quickly, so we urge consumers to come in as soon as possible to take advantage of the best selection."
All stores will maintain their regular operating hours and will continue to accept cash and credit cards.
The locations impacted by today's announcement include Hart Stores in: New Liskeard, Port Colborne, Sault St. Marie, Simcoe, and Whitby, ON; Chateauguay, Cowansville, Delson, La Pocatiere, Nicolet, Sherbrooke, Ste.-Marthe-sur-le-Lac, Trois-Rivieres, Valleyfield, Victoriaville and Ville de Quebec, QC; Grand Falls, St. John's and Miramichi, NB; Clarenville, Corner Brook, Labrador City, and Marystown, NL; and Port Hawkesbury and Windsor, NS. Bargain Giant stores being closed are located in Bay Roberts, Carbonear, Grand Falls, Lewisporte, Port-aux-Basques, and Stephenville, NL. Also being closed is the Geant des Aubaines in Sept-Iles, QC.
Further information about the Hart Stores Inc. restructuring can be found on the Monitor's website: www.rsmrichter.com
Tiger Capital Group, LLC and its affiliates provide advisory, restructuring, valuation, disposition and auction services within a broad range of retail, wholesale, and industrial sectors. With over 40 years of experience and substantial financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, convert assets to capital in a variety of ways quickly and decisively. Tiger's collaborative and no-nonsense approach is the foundation for its many long-term 'partner' relationships and decades of uninterrupted success. Tiger maintains offices in Boston, Los Angeles, New York and Atlanta. To learn more about Tiger, please visit www.TigerGroupLLC.com.