Hilco Global has formed a five-person advisory board, including Allen Questrom and Joel Waller, to provide counsel to its retail business units.

In addition to Questrom and Waller, its members will be Hal Reiter, chairman and chief executive officer of executive search firm Herbert Mines Associates; Al Ferrara, partner and national director of BDO USA’s retail practice, and Elaine Rubin, president of Digital Prophets Network LLC and previously with Amazon, Shop.org and 1-800-Flowers.

Questrom, a senior adviser at Lee Equity Partners and director of Sotheby’s Holdings Inc. and The Men’s Wearhouse Inc., is the former ceo of Neiman Marcus, J.C. Penney, Federated Department Stores (now Macy’s) and Barneys New York. Waller, now a retail executive at Joshwa Investments, is the former ceo of Christopher & Banks Corp., The Wet Seal Inc. and Wilsons The Leather Experts.

Jeffrey Hecktman, chairman and ceo of Northbrook, Ill.-based Hilco, said, “We have assembled a group of the best talent in the retail industry in order to deliver a full complement of solutions that will create meaningful value to optimize financial performance for our clients.”

Initially known for its liquidation and inventory disposition services, Hilco has branched out into asset valuation, real estate repositioning, strategic and operational consulting and equity investments of its own. Hecktman told WWD earlier this year that distressed situations account for less than half of its business. Hilco’s equity investments include stakes in Halston and the Miss America Organization.

The outside advisers will work with Hilco’s retail team managers, including Michael Keefe and Cory Lipoff of Hilco Merchant Resources, Antony Karabus and Farla Efros of Hilco Retail Consulting, Tom Greco and Tim Anderson of Hilco Valuation Services, Greg Apter and Neil Aaronson of Hilco Real Estate, Ed Siskin of Hilco Global and David Peress of Hilco Streambank.