The auctioning of $46 million in Elk inventory has begun.
The 40-year-old home accents company has ended operations, and GA Group, the asset disposition firm it hired, told Home Accents Today that it is working with both new and existing customers through private sales and auctions across all inventory categories.
Its first auction, featuring more than $18 million in product, is currently live and closes at the end of business this Thursday, July 10, according to Seth Marks, senior vice president and head of wholesale solutions for GA Group. Everything will be sold on a first-come, first-served basis, Marks said, and the process is expected to wrap up by the end of the month.
The auction poses an opportunity for retailers or designers looking to purchase below cost.
“This sale is an extraordinary buying opportunity for retailers and designers to purchase millions of dollars in high-quality home furnishings at prices below manufacturing cost. It’s a rare chance to access deep value across a wide range of categories — while inventory lasts,” Marks said.
The closure could be construed as a sign of the times. Marks said his business is “definitely” seeing more activity in the home furnishings category. “There is no single factor — a combination of elevated interest rates, a slowdown in housing starts, shifting consumer sentiment toward big-ticket purchases, and potential tariff impacts have all contributed to this trend,” he said.
