UBid turning to liquidation sales

CHICAGO, April 26 (UPI) -- The Chicago-based online auction company UBid is preparing to sell liquidated merchandise to cash in on retail bankruptcies, a UBid official says.

UBid Chief Executive Officer Jeff Hoffman said the company would begin selling merchandise from one business to another at fixed prices to expand UBid's holdings, the Chicago Sun-Times said Saturday.

"We are repositioning UBid as no longer just an online auction site (for consumers), but as an excess inventory solutions company," Hoffman said.

The liquidated items that will likely be sold at so-called "tent sales" will include bulky items not conducive to online sales.

Hoffman told the Sun-Times such sales would allow the 11-year-old company to capitalize on bankrupted businesses.

"Let's say a company goes under and leaves behind 2,500 washer-dryer pairs," he said. "There's a good chance that some other business wants those appliances, and we can deliver them all at once."