How GA Group Delivered the Largest Liquidation in U.S. Retail History

Key Capabilities Demonstrated
Proven Structural Blueprint
Deployed refined playbook from Bon Ton, in partnership with fulcrum debt holders.
Category Depth
Deep historical expertise from prior engagements with Hancock, Michaels, and JOANN—understanding enthusiast retail behavior and merchandising nuance.
Capital Partner Agility
In partnership with our new ownership group, Oaktree Capital, GA provided a guaranteed outcome to creditors. With access to billion-dollar- plus balance sheets, GA can support a deal of any size.
Asset Monetization Expertise
In-house auction team sold corporate FF&E; M&E division leveraged deep market intel to maximize recoveries.
Wholesale Solutions
Flipped seasonal and DC overstock through direct-to-buyer channels.
Real Estate Optimization
Leasehold value marketed and sold through GA's top-tier real estate group.
People Power
Field teams deployed across 49 states to manage all 790 stores in parallel.
Marketing Engine
Paid
Meta, Google, TikTok, CTV, DOOH, Search
Owned
Email, Push Notifications
Earned
Influencer partnerships to tap into DIY communities
A FULLY-INTEGRATED EXECUTION STRATEGY
No one executes large and complex deals with more speed, coordination, or sophistication.
GA leveraged its structural playbook—refined through past large-scale liquidations —and worked closely with Oaktree Capital to deliver a guaranteed outcome to creditors. Deep experience in the craft and enthusiast retail category allowed GA to tailor store-level strategies that respected the nuances of JOANN's customer base. Simultaneously, GA's in-house auction team and M&E division moved quickly to monetize corporate FF&E, while the Wholesale Solutions group flipped out-of-season inventory and overstock through established buyer networks. The real estate team unlocked leasehold value across 18 million square feet, coordinating sales and negotiations in parallel with store operations. Supporting all of this was a nationwide field force, deployed to manage all 790 stores across 49 states with precision. Tying it together was a powerful marketing engine—not just to drive traffic, but to preserve brand equity and ensure a controlled message across paid, owned, and earned channels. It was this level of orchestration across capital, real estate, wholesale, marketing, and operations that enabled GA to turn a high-risk scenario into a high-return result.
Key Contacts

Scott Carpenter
Chief Executive Officer

Tim Shilling
President

Steve Smith
Executive Vice President, Financial Operations

Billy Nichols
Senior Vice President, Field Operations & Valuation

Matt Gins
Senior Vice President, Merchanding & Operations

James Lew
Senior Vice President, Capital Planning & Analysis

Mike Miller
Senior Vice President, Capital Planning & Analysis
