Aaron Equipment Company Seamlessly Liquidates Surplus Assets of Multi-National Corporation in Midst of Pandemic
Chicago, IL – June 2020 – Where the majority of business liquidations have slowed to a standstill during the COVID-19 pandemic, one multi-national corporation in Chicago recently found itself able to liquidate unneeded assets just as it would under normal circumstances. By partnering with Aaron Equipment Company, the corporation not only met its liquidation deadline but also received top dollar for the production lines sold.
According to a May 2020 Marketplace.org article (https://www.marketplace.org/2020/05/13/auction-industry-readies-for-covid19-business-closures/), “Some businesses simply won’t survive the losses from the pandemic lockdown … and will be forced to liquidate.” Those businesses that are already at the liquidation point are routinely having to put their escape plans on hold. “…once we’re able to start conducting business, once the courts reopen to start filing for bankruptcy, we’re going to start seeing an awful lot of filings that are going to be for [business] liquidations.”
There is, however, a ray of hope for businesses that need to liquidate fast – right now. As the article goes on to explain, when the COVID-19 lockdowns begin to ease, “Auction companies that have shifted their operations online will have the advantage.” Aaron Equipment Company has been a giant step ahead of this game plan long before the Coronavirus set in. As a result, when a Chicago-based consumer packaging production corporation needed to liquidate some of its production lines in the midst of the pandemic, Aaron Equipment stepped in and got the liquidation done within the facility’s deadline.
Although not a victim of business loss from COVID-19, the multi-national corporation found itself in a predicament after purchasing a 500,000 square foot facility as part of a larger acquisition. The corporation quickly realized that some of the production lines in this food-grade facility did not fit into its overall business plan.
“Faced with this scenario, they engaged us to empty the unneeded portion of their facility,” explains Aaron Equipment Company’s spokesperson. “Rather than putting our client on hold until after the pandemic lockdowns eased, thereby potentially costing them substantial sums of money, we went right into action. Aaron Equipment Company paid cash upfront to purchase these assets.”
The project began with a liquidation, during which Aaron Equipment marketed the major sheet lines and ancillary equipment. “We held an online auction, and everything was sold and removed within the corporation’s six-month deadline. We accomplished all of this seamlessly, despite the dramatic effects of the COVID-19 pandemic and related safety restrictions.”
One might be inclined to think the corporation had to settle for pennies on the dollar in light of the Coronavirus, but that was not the case. Aaron Equipment is a stocking used equipment dealer. As a result, the company was able to move, store and market certain items that would have been sold below their true value at the auction sale. This enabled the liquidating corporation to receive the absolute highest sale price for its assets.
Businesses impacted by the pandemic that have unused or underutilized machinery sitting around costing them money every day can learn more about Aaron Equipment Company’s auction and liquidation services online at https://www.aaronequipment.com. For more information on how to liquidate a single machine, a full production line or an entire facility, contact Michael Cohen at (630) 350-2200.