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]
DailyDAC™ is the oldest, most trusted, and most widely used provider of public notices of asset sales and case commencements, and other important notices involving companies in financial distress in the United States and Canada. DailyDAC™ public notices are used by bankruptcy trustees, chapter 11 debtors in possession, federal and state court receivers, and secured parties disposing of their collateral under Article 9 of the Uniform Commercial Code or other state law trust (and their respective auction firms, law firms, and other agents). Learn more.
Many sales of distressed companies and distressed business assets are not widely advertised. If you are buyer of such companies or assets, you may be well served by becoming a paying subscriber to Distressed Deal Data™. Find out more.
90 Second Lesson: Why Would a Debtor Choose to Liquidate Under Chapter 11?
Not Necessarily Free and Clear: Purchasing Real Estate Property in a Section 363 Sale
90 Second Lesson: Stalking Horse Bid, Yay or Neigh?
How to Protect Your IP Rights When Your Licensor Files for Bankruptcy
90 Second Lesson: The (Arguable) Right to Credit Bid in Plan Sales
Dealing with Corporate Distress 06: Four Basic Chapter 11 Concepts to Know Before We Go any Further
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.