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Yellen Partners to Conduct Store Closing Sale of Efinger Sporting Goods
After over 125 years of serving the sporting goods needs of Bound Brook, NJ and surrounding communities, retailer Efinger Sporting Goods is closing its doors for good. Murray Greenberg, one of the current owners announced the store will conduct a store closing sale to liquidate all inventory in the store. The store will be selling all furniture, fixtures, and equipment during the sale as well. The liquidation sale starts September 30, 2016 and will continue until the store is empty. The store owners retained Chicago-based liquidation firm Yellen Partners to assist with the store closing sale.
“This is the sporting goods deal of a lifetime!” says Brian Yellen, President of Yellen Partners. “For athletes of all levels, the deals are too good to miss. You can buy anything from name-brand apparel, hunting gear, athletic footwear, equipment/pads, camping, outerwear, and more. Early holiday shoppers will score huge savings on gifts.”
“Because these items and brands aren’t normally discounted, we expect that the inventory will be sold out quickly” says Yellen. “We will be selling at aggressive discounts right from the start of the sale. With a store closing situation like this one, this may be the last opportunity to buy sporting goods at liquidation prices.”
Loeb Winternitz & Yellen Partners Complete the Piecemeal Auction of Maywood Park While Balmoral Racing Club was Sold in Bulk
CHICAGO, IL (May 12, 2016) – Loeb Winternitz Industrial Auctioneers and Yellen Partners announce the completion of the Maywood Park personal property auction, and the Court approval for the sale in its entirety of the Balmoral Racing Club real estate and personal property assets after a decision by the Bankruptcy Court, Northern District of IL.
Two last-minute bulk purchase offers were submitted directly to the Debtors during the Balmoral Park auction on Wednesday, April 27th. The piecemeal auction was adjourned upon conclusion pending a decision by the Court, which was handed down on Wednesday, May 4th.
The accepted offer was made by HITS, Inc., a special events management company focusing on producing hunter/jumper horse shows, and triathlon/running races throughout the United States, with the expressed interest in utilizing the facility for equestrian events.
“I’m proud of the efforts we put forth related to both Race Tracks,” stated Charles J. Winternitz, president of Loeb Winternitz Industrial Auctioneers. “Almost 1,000 bidders participated in the auctions, and the piecemeal sale generated recovery values well above pre-auction estimates. The bulk sale of the Balmoral Racing Club assets got a little intense, but the result was worth it for the creditors, new job creation, and the town of Crete. We wish HITS, Inc. much success.”
Working in partnership, Loeb Winternitz and Yellen Partners were able to fully prepare the sites and complete the auctions while simultaneously allowing the discussions among bulk bidders, the debtors, and the creditors to take place.
“We are proud to have participated in the sale of these venerable Chicago landmarks and especially happy to have helped reach such a good result for interested parties,” said Brian Yellen, president of Yellen Partners.
Balmoral Park, located just south of Crete, Illinois, ceased live horse racing in December of 2015. Originally Lincoln Fields from 1926 to 1968 hosting thoroughbred racing, and subsequently, Balmoral Park hosting harness racing. Maywood Park, located in Melrose Park, also held its last races in Fall 2015 after nearly 70 years of operation. Both tracks filed chapter 11 bankruptcy after judgment was entered against the tracks in a suit brought by four riverboat casinos. During the course of the chapter 11 cases, the Illinois Racing Board awarded harness racing dates exclusively to Hawthorn Race Course, leaving Maywood and Balmoral with no licenses to race in 2016.
The bulk offers were only made on the Balmoral Park facility and do not include the assets of Maywood Park Trotting Association, which were sold via online auction on April 28th.
The auctions were held by order of the U.S. Bankruptcy Court, Northern District of IL, Eastern Division, Case Numbers: 14-45711 – Assets of Balmoral Park Racing Club, Inc. and 14-45718 – Assets of Maywood Park Trotting Association, Inc.