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Great American wins Fortunoff Liquidation Bid

Clint Engel Â— Furniture Today -- Gifts and Dec, 2/24/2009 9:43:00 AM

New York — A consortium of liquidators led by Great American was the winning bidder to run the liquidation of bankrupt retailer Fortunoff, according to an official affiliated with Great American Group .

Jeff Yellen, president of Great American Furniture Services, said the U.S. Bankruptcy Court judge for the Southern District of New York needs to approve the auction results. In addition to Great American, the liquidators participating in the winning bid include Hudson Capital Partners, Tiger Capital and SB Capital Group, Yellen said. He declined to disclose terms or other details.

A hearing on several objections to the sale and auction process that have been filed by the unsecured creditors committee and other parties is scheduled for today.

Jewelry and home furnishings retailer Fortunoff filed for Chapter 11 bankruptcy earlier this month.

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