All assets of Cherokee Wholesalers Acquisition Corporation (Alexandria, Va.) are currently being liquidated in an online auction. The liquidation is being conducted by Rasmus Asset Advisors in accordance with the Uniform Commercial Code by order of Cherokee's secured creditor, a bank.
Up for auction in two auction blocks is more than $2 million in new hardwood flooring, hardwood molding, retail inventory, tools and machinery. The other auction block comprises warehouse and material handling equipment, including forklifts, trucks and pallet racking. Bidding for the more than 3,000 items will begin closing at 11:07 (Eastern) on Feb. 23.
Cherokee representatives declined to elaborate on the liquidation. The company was founded in 1965 by David Lynn Jr. in Alexandria, Va. Eventually the company grew to comprise branches in Baltimore, Beltsville, Md., and Raleigh, N.C.
Rasmus Asset Advisors can be reached at 703/768-9000.
