Liquidator Gordon Brothers Group won tentative approval to purchase Northwestern sporting goods chain Joe’s Sports, Outdoor, & More at a court hearing this morning. Valued at more than 128 million-dollars, Gordon Brothers scooped it up for a mere 61 million-dollars after Joe’s was unable to find a buyer.
Based in Wilsonville, Oregon, Joe’s also has stores in Washington and Idaho, as well as a Web store, that carry a number of action sports categories including a variety of skate and snowboard brands.
According to The Oregonian:
The decision came during a hearing in U.S. Bankruptcy Court in Delaware and will trigger going-out-of-business sales that could start at Joe’s 31 stores as early as Friday.
Gordon Brothers’ was the highest of three bids made by liquidators in recent weeks. No bids were made that aimed to continue operating the 57-year-old sporting goods chain.
Gordon Brothers made its bid as part of a joint venture with Crystal Capital Fund Management, a Boston-based private investment group that provided Joe’s with credit after the retail filed for Chapter 11 bankruptcy protection in early March.
Longtime Portland retailer Joe’s was bought by Gryphon Investments, a San Francisco-based private equity firm, in 2007. After the purchase, signs on stores were changed from G.I. Joe’s to Joe’s Sports, Outdoor & More — sparking anger among its loyal customers, who went on to say the retailer has since struggled with its customer service and competitive pricing.