Beacon Blankets liquidates inventory
Home & Textiles Today Staff -- Home Textiles Today, August 9, 2002
Swannanoa, NC — Driving the last nail in the coffin of Beacon Blankets, a U.S. bankruptcy court in North Carolina has named a closeout company to sell off the century-old company's remaining inventory of more than one million blankets and throws.
Ozer Wholesale Services of Needham, MA, was appointed by the court to liquidate the remaining inventory, a stockpile of blankets that Ozer said it values, perhaps optimistically, at more than $25 million.
The closeout specialist said it will sell off the Beacon stockpiles, including a variety of constructions, designs and brands, "domestically and abroad to its client base of major retailers" in what is likely to be "the largest liquidation sale of this kind to date." Jerry Goldstein, Ozer president, added, "We expect to move through this inventory in quick order."
The liquidation sale, begun last week, turns the page to the last chapter in the blanket producer's lately troubled history. Until recently, Beacon was the nation's largest blanket producer before neglect, a sale and a failed, costly resuscitation forced it into Chapter 11.