Final Sale: Montgomery Ward to Auction Corporate Items Today
An auction of office furnishings, equipment and computers from Montgomery Ward's corporate tower will take place today in Chicago.The event, which is open to the public and ends tomorrow, features more than 4,000 items. The auction is part of the liquidation of Montgomery Ward that began in April with the sale of fixtures at its retail stores, distribution centers and product service outlets.
The 128-year-old retailer filed for bankruptcy in December, following below average holiday sales, and announced earlier this year that it was closing permanently.
Montgomery Ward, which originated catalog shopping, was characterized as having failed to keep up with the changing times. It could not develop a strategy to compete with fresh-faced companies such as Target Corp., Wal-Mart Stores Inc. and other mid-range specialty stores that cut into its business.
