Retail restructuring, stock disposal and financing specialist Great American has appointed former Ernst & Young head of retail Gavin George as managing director of its UK division in expectation that such services will remain in demand.
Great American is one of the biggest players in the field in the US, where it operates alongside companies such as Gordon Brothers and Hilco - both also active in the UK.
In the US, Great American has liquidated high-profile retailers such as Circuit City, Mervyns and Linens ‘n’ Things. The UK arm, GA Asset Advisors, expects to help retailers downsize and maximise recovery on closing stores. It said it will also focus on leveraging its “significant financial resources and expertise” to “provide working capital to address short-term restructuring requirements”.
George, who also previously worked for electricals retailer Dixons, said: “In a retail market of overcapacity and shrinking household discretionary incomes, it is inevitable that further restructurings and administrations will follow.”
He expects GA Asset Advisors to work with solvent as well as insolvent companies and provide “an alternative to the already established options”.