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SB Capital Group Leads Joint Venture to Liquidate Amazing Savings

SOUTH PLAINFIELD, New Jersey – January 13, 2005 – South Plainfield-based Amazing Savings announced that it is going out of business and liquidation sales have begun at its 86 stores. Amazing Savings, a chain of discount close-out stores, filed for bankruptcy protection Wednesday January 12th in Manhattan.

The U.S. Bankruptcy Court has approved an order authorizing a consortium of retail specialists led by SB Capital Group, LLC to conduct liquidation sales in all of the Amazing Savings’ locations.

Amazing Savings operates stores in New York, New Jersey, Connecticut, Pennsylvania, Kentucky, Michigan, Delaware, Maryland and Ohio, including former Odd Job stores and Mazel stores. The stores sell overstock and closeout merchandise including electronics, appliances, housewares, toys and party goods.

Founded as a single store in 1989, Amazing Savings grew into a profitable chain of 14 upscale closeout stores in three states. Flush with cash, Amazing acquired 72 Odd Job stores in 2003. The strategy was to rebrand the stores with the more popular Amazing Savings logo and woo bargain hunters with a $10 million “Who’s Got the Closeouts’ advertising campaign.

According to bankruptcy court filings, the company experienced “a dramatic decrease in customer traffic and a significant decline in sales” in mid-2004.