Struggling NYC restaurants and retailers sell equipment, furniture to pay rent
Café Colonial on Elizabeth Street recently sold off its wares
From the September issue: Struggling New York City restaurants and retailers have created booming conditions for auctioneers who are helping them sell off everything from meat slicers to video games, and working with landlords to deal with problem tenants.
In some cases, retailers use auctions to sell off a few items to scrounge up enough money to stay in their space. More often, however, auctioneers are winding down troubled retail or restaurant operations. Business owners benefit by getting top dollar for their fixtures and equipment so they can pay their rent and other bills.
“With the economy being where it is, [restaurateurs and retailers] can’t get credit, and they go the auction route,” said Herb Mauthner, president of Manhattan-based Mountain Auctioneers, who estimated that his business has increased about 10 percent since the economic downturn began. [more]
