Fleming Furniture auctions off all items
An auction is tying up loose ends at Fleming Furniture in Paducah.
"Everybody’s out to get the good deal, so yeah, it’s been a good turnout," said customer Tony Cooksey.
Cooksey is one of hundreds of customers that showed up to Fleming Furniture to get a deal during a bank ordered auction.
Dozens of cars lined up on Monday to pick up the goods they bought at the auction over the weekend.
"We bought end tables and pictures," said Cooksey.
Everything from rugs to the company’s cars is up for bid.
"At this point, the goal is to sell everything and be broom clean, so the buildings are for sale as well," said Allen Parvizian with the Virginia-based liquidation company APAR.
Fleming Furniture hired APAR to run the auction, just as it helped with the closing sales.
"The easiest way to liquidate inventory is through an organized effort, and sometimes that’s just difficult for retailers to do on their own," Parvizian said.
Parvizian says right now APAR is trying to auction off anything and everything it can. The bank will then decided what to do with the remaining furniture.
Parvizian couldn’t say where the money from this sale goes. Financial matters attorney Marcus Herbert specializes in these type of cases cases, but has no connection to this one.
"All of this furniture had to be bought by the company in the first place and, unless they had cash to go out and buy it, they get a bank loan," Herbert said about most businesses involved in these cases.
Herbert says typically, a business holds auctions to pay off those loans.
"The point of it is to say we’re going to stop dillydallying, and we’re going to get stuff sold and apply it to the debt," Herbert said.
The store focuses on paying off debt, while customers like Cooksey focus on the deals.
"If you’re not careful, you’ll spend all your money," Cooksey said.
As we’ve been reporting, Fleming Furniture owner Danny Kelley is charged with 10 felony counts of theft stemming from customers who never received furniture. The store is also involved in at least six civil lawsuits, including one filed by the city of Paducah.