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Concurrently, Buxbaum Group's Asset Recovery business unit, which manages liquidation sales and buys/sells closeout merchandise, is also experiencing heightened activity.
During 2001, Buxbaum's Asset Recovery business unit, on its own or in joint ventures with other companies, liquidated more than $1.
Roy will be responsible for scaling the current leadership position of LSI's commercial asset recovery business to drive its market expansion and capitalize on the substantial growth opportunities within the $60 billion reverse supply chain market.
In response to the revenue shortfall, we have continued to reduce the overhead levels within our Company through payroll reductions, closure of our asset recovery business and other meaningful cost reduction measures.
Both Aurora and Cerplex had significant one-time charges which are attributed to a combined inventory write-down, the closing of a division of Aurora's asset recovery business, and other factors, including severance expenses.