Broom clean: organiSing store closures for a major department chain

Situation

As part of a major restructuring and refinancing exercise, a UK co-operative group decided to close down and sell its 51 department stores.

Solution

Gordon Brothers was appointed to manage the store closure and merchandise clearance. We provided:

• A guaranteed financial return to our client
• Advanced payment for merchandise and all store expenses during the sale
• Clearance of over €150mn of fashion, household goods and furniture
• Negotiation with suppliers to reduce the impact of cancelled commitments
• Extension of the sale to meet redundancy requirements by buying more goods at our own risk
• Liaison with client over stakeholder issues

Outcome