Report: Closeout retailer Building #19 going out of business
Hingham, Mass. – Building #19, a closeout retailer with 10 stores in Massachusetts and New Hampshire, is reportedly planning a giant closeout sale of its own. According to the Boston Business Journal, Building #19 filed for Chapter 11 bankruptcy on Nov. 1 and requested permission to obtain the services of liquidation sale specialist Gordon Brothers.
Bankruptcy papers cited the rise in popularity of online shopping negatively impacted Building #19’s revenues, which left the retailer without enough working capital to purchase surplus goods. The retailer valued its current inventory at about $2.25 million. The company itself employs about 100 full- and part-time employees and another 30 workers are employed by its affiliates.