A Jacobson’s spokesman said Jacobson’s was likely to liquidate all of its assets. Liquidation would spell the end of the Jackson-based retailer who would sell off its merchandise in a fire-sale fashion.
In January, Jacobson’s filed for Chapter 11 bankruptcy and has attempted to be sold to another retailer possibly saving jobs and its brand name.
Liquidation was the worst-case scenario for Jacobson’s, as its brand name, goods and jobs would dissolve as the mass sale beings. The retailer currently has approximately 2,800 employees; all would be let go if liquidation begins.
A spokesman said two bids for the assets of Jacobson’s were approved by; the retailer, it’s creditors and lenders.
Jacobson’s is scheduled to go in front of a bankruptcy judge July 25. At the hearing, the judge could approve a plan to liquidate the company.
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