Release – Auction & Receivership Firm Sees Pandemic-Related Business Closings On The Rise
With positive COVID-19 tests on the rise, businesses continue to be faced with a harsh reality of potential limited operations or long term closures. These pandemic-related closures of local and small businesses are forcing them into receivership or having assets offered at auction. Sometimes both.
Most heavily hit are Ohio bars, restaurants, conference facilities, retail centers and hotels. These businesses are turning to asset management and liquidation companies like Gryphon USA in an attempt to salvage some of the value from their assets.
Central Ohio businessman, real estate and auction executive at Gryphon, Richard Kruse, has been working through this latest crisis just as he has in numerous industries over the past 23 years. Kruse stated, “It looked as though things might pick up, but over the last month a lot of businesses and lenders have decided not to ride it out any longer. Since Tuesday’s announcement from Governor DeWine about a curfew, the emails and calls have been non-stop.
In the past 30 days Kruse has been appointed into 2 receivership cases with another 3 pending. In addition to acting as receiver, he is one of the most active private selling officers in the state conducting sales in all over Ohio’s 88 counties. The company currently has over 60 properties scheduled for auction between now and the Presidential Inauguration, including one with prime development land on Hoover Reservoir.
The auction industry has largely pivoted from live sales, which typically bring together large numbers of people in small areas, to online only offerings where items can be purchased from home on a computer, cell phone or tablet. Bidders have the opportunity to “inspect” remotely viewing pictures, videos, and detailed descriptions of items on websites.
Gryphon is currently in the process of setting up sales of office furnishings and equipment, restaurant assets and inventory from a shuttered dentistry office in addition to preparing for the end of the nationwide foreclosure moratorium.
“In addition to managing our current project load, we are also finalizing an internal review and update of processes and staff responsibilities so we can more effectively manage additional volume next quarter”, Kruse said.
If you would like more information about this topic, please call Richard Kruse at 614-774-4118 or email rfk@gryphonusa.com
