LIQUIDATOR ACQUIRED: Liquidation firm Great American Group will be acquired by publicly held Alternative Asset Management Acquisition Corp., a special purpose acquisition corporation that went public in 2007. The deal, valued at $305 million, is expected to close in July 2009. Chairman Harvey Yellen and chief executive officer Andrew Gumaer will continue in their roles as members of Great American’s senior management. The owners of Great American will receive $120 million in cash. They’ll also get shares in the new company, Great American Group Inc., a wholly owned subsidiary of Alternative Asset Management, which plans to trade on the American Stock Exchange.
This story first appeared in the May 18, 2009 issue of WWD. Subscribe Today.
MORE TAKEOUT: Takeout, the junior and contemporary knit label owned by New York-based Tharanco Group, is expanding for fall by including a full range of woven tops and jackets. Takeout sweaters sell in department and specialty retailers including Forever 21, Bloomingdale’s, Nordstrom, Belk, Kohl’s and J.C. Penney. The collection wholesales between $7.50 and $16. The company plans to launch a collection of T-shirts for spring 2010. In other news at the firm, Sara Wingate will join as vice president of merchandising for the brand’s 1A label of moderate knitwear. Prior to joining Takeout, Wingate was a contemporary knitwear buyer for Macy’s Atlanta.