Adams USA to liquidate assets
Liz Engel Clark
Friday, Nov 7, 2014
The company announced it will offer discounts on more than $10 million worth of inventory and other assets. The liquidation follows news that Adams USA sold certain assets to Kranos Corporation, which does business as Schutt Sports, in mid-October. Kranos has purchased some of the current Adams catalog inventory and will continue to develop the Adams, Trace, Bolco, Newmann and Bucks brands.
Adams USA, located at 610 Jefferson Ave. in Cookeville, first opened its doors in 1947, manufacturing facemasks and chinstraps for football. After numerous expansions over the last six decades, the factory now occupies 200,000 square feet. Many great moments in football and baseball history feature Adams equipment on the players, including Desmond Howard's Heisman pose and Jerry Rice's Super Bowl touchdowns.
Liquid Asset Partners LLC has been retained to operate the inventory liquidation sale. In the coming days, all items will be marked down and discounts will be applied. Inventory includes baseball helmets, gloves, catchers masks, T-ball stands, sliding shorts, knee guards, Football masks, gloves, jerseys, the famous mouth guards, girdles, shoulder pads, knee pads, referee gear and more.
"A huge inventory of sporting goods and athletic gear needs to be liquidated fast," Bill Melvin, CEO of Liquid Asset Partners, who is facilitating the factory liquidation, said in a release. "The liquidation does create an opportunity for schools, parents, and sports retailers to save on gear for the upcoming year."
Melvin told the UCBJ that the liquidation will start Wednesday and will continue until all inventory and assets are sold. An open-to-the-public sample sale area will be set up on the factory floor. Bulk buyers are instructed to contact Liquid Asset Partners directly.
Rumors had been circulating for weeks that the Cookeville factory may be closing, but nothing was officially released until news of the liquidation hit.
Tom Haas, interim CEO, blamed the closure on declining revenues. He told the UCBJ that the liquidation could last into the new year and that a handful of warehouse employees will stay on board until that process is complete. Other employees were offered a severance plan based on length of service.