Liquidity Services Seeks to Close UK Operations
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Liquidity Services may close its UK operations after losing a key client due to the economic downturn. Through the acquisition of Geneva Industries (Geneva) in 2008, Liquidity Services conducts sales of surplus assets and retail merchandise through its online marketplaces UK-Liquidation.co.uk and WillenTrading.co.uk. The company explained in its filing with the SEC, "Following the acquisition of Geneva, the economic downturn and a low buyer adoption rate of online inventory sourcing have created ongoing losses that are not sustainable for Liquidity Services." According to Wall Street firm Janney Capital Markets, the downturn caused the bankruptcy of its largest client. Liquidity
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