Liquidator expects to acquire Domain
By Clint Engel -- Furniture Today, February 11, 2008
Norwood, Mass. — Liquidator Great American Group said last week it was expecting to acquire retailer Domain Home with its stalking horse bid, because no better bids were submitted and the bankruptcy court auction was called off.
A nod from U.S. Bankruptcy Court in Delaware would signal the beginning of the end for Domain, an upscale Top 100 company. Great American plans to liquidate its 27 stores in the Northeast and greater Washington.
A court hearing on the sale was set for Feb. 8, after press time. The proposal was facing some objections. Check furnituretoday.com for updates.
Jeff Yellen, president of Great American's furniture division, confirmed that the auction was off because of a lack of qualified bids. He said with court approval, going-out-of-business sales would start Feb. 9.
According to bankruptcy documents, Great American was to pay Domain 64 cents on the dollar cost value of the inventory, which has been estimated at $8 million to just
