J&R Auctioning Off InventoryNew York – J&R will hold a two-day auction this week to sell off all remaining inventory at its shuttered Lower Manhattan showroom. 5/12/2014 09:00:00 AM Eastern
New York – J&R will hold a two-day auction this week to sell off all remaining inventory at its shuttered Lower Manhattan showroom.
According to a notice by ASM Auctioneers, $1 million in new and open-box merchandise will be up for grabs, including tier-one TVs, audio equipment, computers, peripherals, digital cameras and accessories.
The event will be held May 13-14 at 11:30 a.m. at the company’s former 1 Park Row storefront, which was closed last month along with the retailer’s website.
The auction closes the book on the storied New York dealer, which was founded in 1971 by namesakes Joe and Rachelle Friedman as a basement record shop. The couple built it into a popular retail destination drawing music fans, celebrities, guest performers and tourists, but the company never recovered from the 9/11 attack that toppled the nearby World Trade Center. Online competition, shrinking CE margins, and flooding and outages from Superstorm Sandy finally felled the business, which continues in name only as a storefront on Amazon.com and eBay.
Merchandise inspection begins at 9:30 a.m. on the day of sale, and bidders are asked to provide cash or certified checks. Additional details and photos are available here.