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Monday, Feb 26, 2024

Great American to Liquidate Australian Home Improvement Stores

Great American Group has secured an agreement to manage the closure of Masters Home Improvement Stores in Australia, the company announced Thursday. Great American is an auction and liquidation company in Woodland Hills. It is owned by B. Riley Financial Inc. Great American Group’s Australian subsidiary, GA Australia, will manage closure sales for all 63 Masters locations for parent company Woolworths Ltd. The going-out-of-business sales will feature appliances, electrical tools, lighting and other home improvement goods. “Following a seven-month process and extensive due diligence with Woolworths advisors, Great American was selected based on our 40-year track record of helping international specialty retailers effectively manage complicated situations and maximize the value of inventories,” said Andrew Gumaer, chief executive of Great American, said in a statement. “This is a tremendous opportunity to assist in one of the largest single liquidations globally.” Shares of B. Riley closed Friday down 6 cents or a fraction of a percent to $9.83 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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