Planet Money’s Zoe Chace today aired an excellent story on retail "going out of business" sales. This 6 minute piece is a whirlwind glimpse into these sales from the perspective of the liquidator, the retailer and its staff, the consumer, and the bankruptcy lawyer (me).
Thanks to Planet Money, who last interviewed me back in 2009 as GM was hitting the skids, for the opportunity to share my thoughts and help explain how the frenetic world of retail liquidation works. My wide ranging 30 minute interview with Zoe was left–but for about 30 seconds–on the cutting room floor, but that’s show biz! But I think the interview gave Zoe a good frame of reference to assemble her piece, and it showed in the confident style with which she presented the basic dynamics of this unique sale process.
For those wanting some additional reading on the legal agreements behind the Borders’ liquidation, which were "state of the art" from a legal perspective, here are some good materials (that are sure to put even the most hardened insomniacs to sleep if read word-for-word):
Motion to Sell Assets and Enter into Agency Agreement with the Liquidators
Order Approving Sale of Assets and Entry into Agency Agreement with Liquidators
Happy holidays to all!
(For those interested, here’s my "holiday lights" post from two years ago, which the lights of the season always make me reflect upon and is a fitting reminder of the importance of maintaining dignity and hope in the face of seemingly insurmountable odds.)