BIG was engaged by a clothing retailer that was in the process of bankruptcy proceeding to help increase the profitability of a liquidation sale. It was essential to plan the selling process in a way that would allow them to maximize their return on their remaining inventory. This would enable them to pay off secured and unsecured creditors.
BIG was successful in its efforts to liquidate the inventory using a variety of methods and minimizing additional expenses. The liquidated inventory was sold using the retailer’s existing website, preventing them from incurring fees associated with an in-store liquidation sale. The liquidation event was advertised using cost effective tools including search engine optimization and email campaigns. BIG was also able to collect on outstanding receivable balances while negotiating terms with their creditors to ensure the best possible outcome.
In addition, BIG liquidated all fixed assets and equipment, enabling them to increase the payment amounts to their creditors. The company’s identity, which still had value, was able to be sold, and included their brand name, their customer list, and their corporate web site.
The Bottom Line:
BIG was able to liquidate all inventory and assets at a profit with minimal cost to the company, allowing them to concentrate the proceeds on paying off creditors. The fact that BIG was able to negotiate a deal to sell the brand even after the liquidation proves the success of the engagement.
This is why we are considered one of the Top CPA Service providers in North Royalton and Cleveland Ohio.