Springfield, N.J. - Defunct A/V specialty chain Sixth Avenue Electronics was expected to hold a liquidation sale at its headquarters, store and warehouse complex here over the weekend.
A two-page full-color ad announcing a "going out of business warehouse sale" was slated to run this weekend in the local Star-Ledger, the daily newspaper reported. It is unclear how the sale was impacted by the Halloween snowstorm that blanketed much of the region.
According to a report by The Record, a New Jersey daily, the fire sale was expected to be conducted by the Gordon Brothers Group under the auspices of investment firm Alco Capital, which was named the assignee.
The shutdown came after Sixth Avenue defaulted in September on a floor-planning loan from GE Capital Solutions and a federal district judge ordered all of the dealer's property seized last month, court documents show. The family-held business has since opted to liquidate under an "assignment for the benefit of creditors," or ABC, The Record reported, which moves the proceeding from federal to state jurisdiction and provides more flexibility than a Chapter 11 or Chapter 7 bankruptcy.