An auction to liquidate millions of dollars in inventory from now-defunct retailer Clark Appliance has been scheduled for March 28-29, Indianapolis-based Key Auctioneers announced Friday.
Parent company Clarks Sales & Services Inc. ceased operations Dec. 16 and terminated every employee except one after it failed in its attempt to reorganize under the protection of bankruptcy.
Key said thousands of new appliances, warehousing equipment, vehicles and other inventory from the century-old company will be sold at the auction, which is set for Clark’s warehouse location at 3802 N. Mount Comfort Road in Greenfield.
Appliances from Viking, Whirlpool, Frigidaire, KitchenAid, Maytag, Subzero and GE are among the inventory. The list include ranges, refrigerators, wine coolers and grills.
The two-day auction will feature still-in-box appliances on March 28, along with vehicles such as service vans, box trucks and trailers.
The second day will be used to sell showroom displays, out-of-box but never-owned appliances, scratched and dented inventory, repair parts, returned merchandise and warehousing equipment.
According to court papers, Clark Appliance owes nearly $5 million to its two largest secured creditors—$2.7 million to First Business Capital Corp. and $2.2 million to General Electric Co.
Clark Appliance began experiencing financial troubles in 2008 during the recession but recently suffered more setbacks, including a flood of its south-side store that wiped out its inventory; and First Business Capital Corp.’s decision to terminate the loan.
The century-old company started as a small appliance sales and repair shop in downtown Indianapolis. In the 1980s, the fourth-generation family business expanded into the homebuilding distribution market and had three locations prior to the bankruptcy filing.
The Castleton and south-side stores, in addition to the Mount Comfort warehouse, employed a total of 61 workers among them, according to court documents.
A complete list and photos of auction items can be found at Key's website. The auction will begin at 10 a.m. on both days. Prospective bidders will be able to inspect the inventory March 27 at 10 a.m. Online bidding will be available both days.