A maker of store fixtures that abruptly closed its Richmond-area operations in September is preparing to sell its equipment at auction.
PremierXD laid off about 190 employees in September when it suddenly closed its manufacturing, warehousing and distribution facilities in Henrico County. It is planning to sell the equipment in an online auction scheduled for Tuesday.
GA Global Partners LLC and Onyx Asset Advisors are partnering to conduct the auction, the two companies announced Wednesday.
PremierXD, based in Hauppauge, N.Y., also does business as Premier Store Fixtures. It made fixtures for grocery, hotel, food service, retail and technology stores. The company had been struggling with a declining market for its products in the retail industry, according to GA Global Partners and Onyx Asset Advisors.
The two auction companies blamed the closing of the PremierXD plants on a “record pace” of retail store closings over the last three years.
“The impact of these closures is evident in the many real estate vacancies throughout America’s malls, but less obvious is the impact that these closings have had on supporting businesses like store fixture manufacturing,” the companies said.
In a notice PremierXD sent to state and local officials when the jobs were cut in September, the company said it had been seeking capital and financing to help it continue its business operations. In March, the company announced that it had named a new executive management team.
However, PremierXD was “unable to secure funding to help the company’s new management navigate through the challenging market,” the auction companies said.
The job cuts included 138 employees at a PremierXD plant at 4650 Oakleys Lane along Interstate 64; 24 employees at a facility at 2400 Distribution Drive off Laburnum Avenue; and 28 employees at a facility at 3910 Technology Court in White Oak Technology Park.
Each of the three Richmond-area operations is a little more than 200,000 square feet, according to the company’s website. The company moved into one of the sites, a former Hewlett-Packard facility in White Oak Technology Park in eastern Henrico, in 2014.
PremierXD also is auctioning the equipment at a plant in the state of Washington.
A live, online-only webcast auction of Premier XD’s assets will begin at 10 a.m. Tuesday for the three Virginia locations, and at 1 p.m. Wednesday for the Washington location. The website is www.gaauction.com.
The items available for auction include numerous types of woodworking and metalworking equipment such as automatic panel saws, beam saws and machining centers, press brakes and laser cutters and more than 50 Combilift and Crown forklifts. The company’s remaining store fixture products are also available through direct sale, the auction companies said.
The inventory at the Henrico plants is available for in-person inspection at each of the three sites from 10 a.m. to 4 p.m. Monday.