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Office 1 Superstore begins GOB sales.

NEW YORK -- Office 1 Superstore began going-out-of-business sales last week.

The chain of 35 business-supply stores based in Elk Grove, Ill., filed a Chapter 11 petition about a month ago. Elizabeth Wicks, a spokeswoman for Gordon Bros. of Boston, the company that will manage the liquidation, put retail value of the inventory at $17 million.

Vic Sholis, the company's former CEO, said creditors had been offered two plans. One was a management buyout; the other was a bid by Gordon Bros. "Creditors opted for the cash in hand," Sholis said.

Sholis participated in the buyout effort and had already talked about plans, including closings of stores and a large distribution center, to cut costs to make the chain profitable.

"I was probably optimistic," Sholis said. "But I'm a retailer, and that comes with the territory."

According to Sholis, Office 1's staff is down to about a dozen people at the headquarters, including Brad Zenner, president, who was traveling and couldn't be reached for comment.
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Title Annotation:35-store chain, going-out-of-business
Publication:HFN The Weekly Newspaper for the Home Furnishing Network
Article Type:Brief Article
Date:Nov 25, 1996
Words:164
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