Great American Group(R) Reports Record Response to Rock & Republic Auction

WOODLAND HILLS, Calif., Aug 01, 2011 (BUSINESS WIRE) -- Great American Group, LLC, a leading provider of asset disposition, valuation and appraisal services, today announced that its webcast auction for the assets of "avant-garde" wholesaler and retailer Rock & Republic Enterprises, Inc. was one of the company's most well-attended auctions with more than 500 registered for the July 26 auction.
"We had pre-registered buyers both online and onsite, with standing-room-only at the auction site, so we knew ahead of time that it was going to be a fantastic event," said Roy Gamityan, a senior vice president/Industrial with Great American Group and the auctioneer at the event. "We received a great number of bids for the Shelby Mustang, which we anticipated from the amount of calls we had gotten about it. Overall, it was a huge success."

A rare 1965 Shelby Mustang GT 350 SR, the most unique among several other vehicles being auctioned, sold for $141,250 -- which included a buyer's premium of 13 percent.
"We had bidders for the car from around the world -- from the United States, Canada, and Mexico to the United Kingdom, Thailand, India, Columbia, and Bulgaria," Gamityan said. "In the end, it was sold to a winning bidder who lives here in Los Angeles."

As a former denim jeans manufacturer, other Rock & Republic auction items included jeans, clothing materials, threads, garment machinery, sewing machines, and warehouse and garment racking -- along with computers, printers and tradeshow displays.

In addition to the Shelby Mustang, other vehicles up for auction included a 2006 Bentley Continental Flying Spur, a 2006 Aston Martin V8 Vantage, two 2006 Volkswagen Touaregs, a 2008 GMC Sierra 1500 Truck, a 2005 Ford E450 Box Van, a 2005 Ford E350 Van, and a 2006 Mercedes Benz C230.

"The sale exceeded our expectations in every way," Gamityan said. "Trust Plan Administrator David Gottlieb, who appointed us to conduct the auction, was very happy with the results of the sale...and commended our team for a job well done given the circumstances and pressure we were under during the lotting process."

Rock & Republic filed for Chapter 11 reorganization in April 2010. Greensboro, North Carolina-based VF Corporation, the manufacturer of Lee and Wrangler jeans, won court approval to buy the company's brand names and intellectual property for $57 million.

Founded by cyclist Michael Ball in 2002, Rock & Republic's clothing and accessories were sold through upscale retailers and three company stores. In 2009, the company cited revenues of $97.9 million before filing for bankruptcy in Manhattan in 2010. The bankruptcy judge signed a confirmation order on March 23, 2011 approving Rock & Republic's Chapter 11 plan. VF Corp. announced it had signed a long-term licensing deal with Kohl's Corporation to carry the Rock & Republic brand.

For more information about asset disposition, valuation and appraisal services available through Great American Group, or for a complete list of current vertical or live website auctions currently scheduled, visit the company's website at www.greatamerican.com .