A look back: The Barrymore Furniture auction
We at Infinity Asset Solutions conducted a commercial auction out of a showroom in Caledonia to sell off the assets relating to Barrymore Furniture which had closed its doors not more than a month ago (February 6th, 2020).
This auction was host to upwards of 550 bidders, all vying for a selection of items (including designer furniture, fabrics, materials, machinery (Fig 1.), and even office equipment) that totaled more than $500,000.
Fig 1. Example of the plant support equipment up for auction following Barrymore Furniture’s closure.
What exactly led to this commercial auction becoming such a success in both turnout and buyout? To answer this question, you need to familiarize yourself with the long-standing history that elevated Barrymore Furniture to more than just your run-of-the-mill furniture shop in Canada.
A century of craft
Bespoke, crafted furnishings are evergreen goods that hold up against the brash and unpredictable nature of business over time. This was the environment Barrymore Furniture operated in and built its reputation on for well over 100 years.
Deep-rooted in the lexicon of Torontonians, Barrymore became the go-to for sourcing upscale sofas that set a new standard for classic and contemporary styled sofas, couches, and chairs - all from an independent business, another notch in its favour for non-traditional shoppers.
Trying times
Fast forward to January 17th, 2020, and you’ll find Barrymore ceasing their operations and filing for bankruptcy, putting a century of prolific designs within the GTA to rest.
Residents were, as you might expect, taken aback by the news as Barrymore stood for more than simple house furnishings, their closure was a marked statement on the sign of the times, economy, and frailty for independent businesses.
Farber, the Bankruptcy Trustee, was then ordered by the Ontario Superior Court of Justice to sell off Barrymore’s assets before creditor meetings (occurring on February 6th, 2020 at 10:00am). We at Infinity Asset Solutions were assigned as the agent for conducting this commercial auction which was conducted on premises of Barrymore’s facility.
