It’s happened to chains big and small. To discount stores like Kmart and Dollar Express. To apparel retailers like The Limited, to department stores like Macy’s and J.C. Penney. Even to popular regional retailers like The Andersons.
The reasons can be varied, of course, but one thing remains the same: the need to sell all remaining merchandise. That’s when liquidators are called in, and lots of things begin to change. In a retail liquidation, the merchant typically transfers the operation of stores to a third party, who sells the inventory in a limited time period, usually two to three months. While management changes, store clerks typically remain in place.