Prior to filing Chapter 11 on October 25th Home Owner’s Bargain Outlet (“HOBO”) was a leading regional home improvement bargain retailer of “special buys” (goods that come from opportunistic purchases of a wide array of products primarily from brokers and a handful of regular vendors/manufacturers- including front-line buybacks, closeouts, overstocks, irregulars, package changes, and discontinued products), home improvement and home decor products.
Think of “Home Depot meets Tuesday Morning.”
Prior to its Chapter 11 filing HOBO operated seven retail locations, averaging 80,000 square feet per location, in the Chicagoland and Milwaukee metropolitan areas. HOBO’s core product categories included flooring, kitchen/bath, and furniture.
The Company also offered a variety of product lines in home decor, lawn and garden, electrical, hardware, paint and sundries, building materials and other seasonal products. 2017 revenues were approximately $80 million.
Gross Sales By Store
|Year||2017||YTD 2018 thru 10/07|
|West Allis, WI||14,683,478||11,242,673|
|Forest Park, IL
|Crest Hill, IL||9,409,298||6,902,694|
|Oak Lawn, IL||18,027,497||12,755,271|
|Villa Park, IL||15,752,570||10,751,852|
HOBO’s inventory and FF&E is currently being liquidated through a going out of business sales which will conclude by the end of the year, though the FF&E in HOBO’s three most profitable locations (West Allis, WI; Oak Lawn, IL; Villa Park, IL) remain available for purchase.
Assets Available for Purchase:
The foregoing assets plus the availability of HOBO’s core management team create a unique opportunity to acquire and leverage these assets. Depending upon timing of the acquisition, there may be an opportunity to also purchase some remaining inventory.
HOBO is seeking a potential buyer for all of these assets. In the event a purchaser is willing to offer at least $200,000, the Debtors are willing to provide that purchaser with stalking horse status including bid protection and a break-up fee in an expedited sale process. If you are interested in discussing further, please contact Rick Rosenbloom of Fuel Break Capital Partners, Debtors’ investment banker, at [email protected]
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