Liquidations are back in the news again, with this AP story tracing where alleged Ponzi schemer R. Allen Stanford's furniture ended up. AMC Liquidators of Fort Lauderdale, Florida has been selling his stuff off:
Michael Grimme is the owner of AMC. His business specializes in emptying hotels, offices and stores of unwanted furnishings and then reselling them. Business is up in recent years due to bankruptcies and downsizing. AMC is among many companies that have flourished during the downturn because even the wealthy have fallen on hard times. Repossessors take back yachts, planes and luxury cars, and even pawn shops have seen a rise in rich folks selling items.
Related to this topic are going-out-of-business and liquidation sales, the latter of which are run by companies like AMC. Companies going out of business like Circuit City turned to liquidator companies when they were clearing out stores a few months ago. Consumers saw that there wasn't much reason to rush to these "deals." Check out my article on what consumers should know about these sales and similar ones.