National Home Centers, the Springdale, Ark., dealer, which entered into Chapter 11 reorganization last December, has contracted a consulting firm to help conduct a "store closing sale" at three of its locations.
According to a debtor's emergency motion (see enclosed document) filed in U.S. Bankruptcy Court in Fayetteville, Ark., Great American Group, LLC, will help conduct the sales at National Home Center's locations in Bentonville, Clarksville, and Little Rock.
Following the sales and store closings, National Home Centers will operate five locations compared to the nine locations it operated as of June 2009.
The sale will take place from January 18 through March 31 of this year, according to the motion.
Unlike most traditional LBM dealers, National Home Centers also sells appliances and furniture.
Based in Woodland Hills, Calif., Great American is a asset disposition firm that assists companies through the liquidation process.
The dealer has cited the slumping housing and construction market as reason for its financial woes. The going out of business sale is expected to benefit creditors, National Home Centers said.
National Home Centers ranked 26th on the 2009 ProSales 100 listing with total 2008 sales of $145 million.