Hilco Merchant Retail Solutions ULC, Gordon Brothers Canada ULC, Tiger Asset Solutions Canada, ULC, and B. Riley Retail Canada ULC to Liquidate All Inventory at Closing Canadian Nordstrom and Canadian Nordstrom Rack stores
TORONTO, March 22, 2023 /PRNewswire/ -- A joint venture ("JV") group consisting of Hilco Merchant Retail Solutions ULC, Gordon Brothers Canada ULC, Tiger Asset Solutions Canada, ULC, and B. Riley Retail Canada ULC, has been assigned to oversee the liquidation sales at all six Nordstrom Canada Stores and all seven Nordstrom Rack Canada stores.
Store closing sales began Tuesday, March 21, 2023. This announcement comes after Nordstrom Canada obtained an Order from the Ontario Superior Court of Justice on Monday, March 20, 2023, to liquidate all 13 locations.
Nordstrom Canada stores participating in the closing event are in Calgary, AB, at the Chinook Centre, 6455 Macleod Trail SW; Vancouver, BC, at the Pacific Centre, 799 Robson Street; Ottawa, ON, at the Rideau Centre, 50 Rideau Street; and three locations in Toronto, ON – Sherway Gardens, 25 The West Mall; Yorkdale Shopping Centre, 3401 Dufferin Street; and Toronto Eaton Centre, 260 Yonge Street.
Nordstrom Rack Canada stores participating in the closing event are in Calgary, AB, at Deerfoot Meadows, 1180-33 Heritage Meadows Way SE; Edmonton, AB, at South Edmonton Common, 1910 102 Street NW; Langley, BC, at Willowbrook Shopping Centre, 19705 Fraser Highway; Mississauga, ON, at Heartland Town Centre, 788 Boyer Boulevard; Ottawa, ON, at the Ottawa Train Yards, 595 Industrial Avenue; Toronto, ON, at One Bloor, 731 Yonge Street; and Vaughan, ON, at Vaughan Mills, 1 Bass Pro Mills Drive.
Customers can take advantage of discounts of up to 20% off the lowest ticketed prices on a wide variety of products from Nordstrom made brands to well-known luxury brands in women's, men's and children's apparel, shoes, beauty, home, accessories, and more. All sales are final during this store closing event. Returns or exchanges are no longer accepted.
A spokesperson for the JV group said, "A liquidation sale for such a storied brand is a rare occurrence and an opportunity for shoppers to purchase today's most sought-after fashion brands at a discounted price. We encourage consumers to shop early to take advantage of the best selection of products. Given the quality of products being offered, we expect sales to be very brisk." The JV group indicated that selected fixtures, furnishings and equipment in the closing stores will also be for sale and that Nordstrom Canada gift cards and Nordstrom Notes will be honoured.
Additional Information: Nordstrom Canada and certain of its subsidiaries were granted an Initial Order and protection under the CCAA on March 2, 2023. Copies of the Company's motion materials and other court documents are available on the Monitor's website: https://www.alvarezandmarsal.com/NordstromCanada. Information regarding the CCAA process may also be obtained by calling the Monitor's hotline at 1-844-768-8244, or by email at NordstromCanada@alvarezandmarsal.com.
About Hilco Global – Hilco Merchant Retail Solutions, ULC: Hilco Merchant Retail Solutions, ULC is a Canadian division of Hilco Global (www.hilcoglobal.com). Hilco Global is a privately held diversified financial services company and the world's preeminent authority on maximizing the value of assets for both healthy and distressed companies. Hilco Global financial services leverage a unique blend of deep restructuring and advisory experience with capital solutions and principal investing. Hilco Global delivers customized solutions to undervalued, high potential companies to resolve complex and stressed situations and enhance long-term enterprise value. Hilco Global operates as a holding company comprised of over twenty specialized business units that work to help companies understand the value of their assets and as needed monetize the value. Hilco Global has almost 4 decades of a successful track record of acting as an advisor, agent, investor and/or principal in any transaction. Hilco Global works to deliver the best possible result by aligning interests with clients and providing them strategic insight, advice, and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has 700 professionals operating on five continents with US offices located in Boston, Detroit, Chicago, New York, Philadelphia, and internationally in Australia, Canada, UK, Germany, Netherlands, Mexico and throughout Asia.
About Gordon Brothers Canada ULC: Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, management teams, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four services areas: valuations, dispositions, financing, and investment. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to provide maximum liquidity, put assets to their highest and best use and mitigate liabilities. The firm conducts more than $100 billion worth of dispositions and appraisals annually and provides both short- and long-term capital to clients undergoing transformation. Gordon Brothers lends against and invests in brands, real estate, inventory, receivables, machinery, equipment, and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services. The firm is headquartered in Boston, with over 30 offices across five continents.
About Tiger Asset Solutions Canada, ULC: Tiger Capital Group (www.tigergroup.com) provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation, and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital, or convert assets to capital quickly and decisively. Tiger maintains domestic offices in New York, Los Angeles, Boston, Chicago, Houston, and Toronto.
About B. Riley Retail Canada ULC ("B. Riley"): B. Riley efficiently leverages its sector expertise and deploys resources to assist companies, lenders, capital providers, private equity investors and professional services firms in maximizing the value of their assets. B. Riley Retail Canada ULC is the Canadian affiliate of B. Riley Retail Solutions, LLC, a leading provider of asset disposition services specializing in large-scale retail liquidations and a subsidiary of B. Riley Financial (Nasdaq: RILY). B. Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. Founded in 1997, B. Riley is headquartered in Los Angeles with more than 2,000 affiliated personnel in over 200 locations across the U.S. and internationally, including Canada, Europe, and Australia. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, visit www.brileyretailsolutions.com.
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SOURCE Hilco Merchant Retail Solutions, ULC
