NEW YORK — After 29 years in business, Shoe Pavilion Inc. confirmed plans to close its remaining 64 store locations across California, Washington, Oregon and New Mexico over the next 10 to 12 weeks.
The news comes on the heels of a liquidation auction held last Thursday after the company was unable to sell itself in order to continue to operate as a going concern. It also follows news from department store chain Mervyns, which said last Friday it plans to hold going-out-of-business sales at its remaining 149 locations.
In the company-wide liquidation effort, all Shoe Pavilion locations will be offering going-out-of-business sales to consumers. The sales will be conducted through a joint venture with Tiger Capital Group, Great American Group, SB Capital Group and Hudson Capital Partners. The joint venture will provide special retail services and guidance geared toward turning excess inventory into capital, Shoe Pavilion said in a Monday statement.
“It is always tough to close down stores, but consumers will benefit from the extreme discounts on every item in the store until all the merchandise is sold,” said Danny Kane, managing member of Tiger Capital Group, in the statement.