Bargain Hunt, the famous liquidation store chain, announced that it will soon close all of its locations in the United States and will begin a “mass sale” with discounts and offers on already marked-down merchandise. Here’s the reason why.
Why will Bargain Hunt stores close?
This week, Essex Technology Group, the parent company of Bargain Hunt, filed for bankruptcy and sought protection under Chapter 11 of the United States Bankruptcy Code, submitting a voluntary petition in the Middle District of Tennessee.
During its bankruptcy filing, Essex reported assets ranging from $10 million to $50 million and liabilities between $50 million and $100 million. Among its primary creditors are Amazon, Target, and Value City.
The company had established a consulting agreement with Hilco Merchant Resources to facilitate the store closing sales at Bargain Hunt locations. Additionally, Ron Hubbard from the business advisory firm Riveron Management Services was appointed as the restructuring officer, with the authority to explore a potential business continuation transaction while the store closure process takes place.
As a result, the company will close its 92 stores, which are located in 10 states:
- Alabama
- Arkansas
- Georgia
- Indianapolis
- Kentucky
- Mississippi
- North Carolina
- Ohio
- South Carolina
- Tennessee
“Everything in the stores is on sale and must be sold, meaning significant discounts are being offered on Bargain Hunt’s already low prices across the entire store inventory,” the company stated in a press release.
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When will Bargain Hunt stores close?
According to reports, the 92 Bargain Hunt locations will close by the end of February, so customers have very little time to take advantage of the offers.
Bargain Hunt liquidation sales
At all stores in the chain, you will find discounts ranging from 10% to 40% on all merchandise. Gift cards, as well as returns for purchases made until January 30, will only be accepted until February 12.
What will happen to my Crazy Clover Rewards?
As of February 5, 2025, the Crazy Clover Club is no longer available. The last day to redeem accumulated rewards will be February 14, so hurry up.
What products does Bargain Hunt sell?
At the liquidation chain, you can find not only clothing or household items but also a wide variety of products, such as:
- Food
- Drinks
- Personal care items
- Cleaning products
- Pet supplies
- Baby products
- Home décor
- Furniture
- Mattresses
- Kitchen items
- Clothing
- Shoes
- Accessories
- Toys
- Electronics
- Sporting goods
- Gardening items
- Seasonal products
Do all Bargain Hunt stores carry the same merchandise?
Since the chain depends on other retailers for its supply, product availability may vary depending on its partners’ inventory, meaning each store could have different items.
What is Chapter 11 of the United States Bankruptcy Code?
Chapter 11, commonly referred to as “the reorganization chapter,” allows a company, partnership, or individual to restructure their assets and liabilities appropriately, without needing to liquidate their assets entirely.
Who can seek protection under Chapter 11?
This protection is intended for businesses, individual owners, and partnerships. Under U.S. law, any entity or individual with a domicile, business office, or assets in the United States can request judicial supervision to restructure their finances and operations under Chapter 11 provisions. There is no minimum or maximum asset limit to qualify for the protection provided by this law.
What benefits does Chapter 11 offer?
By filing for Chapter 11, the company or individuals avoid immediate liquidation and cuts; instead, they are given time to continue operating and restructure without the pressure of creditors. During this process, they also have the opportunity to negotiate and present a plan for debt repayment.
This procedure allows the company’s management to retain control, making it easier to implement a more effective reorganization plan, as the executives, with their deep knowledge of the situation, continue to make key decisions.
