||Irwin Jacobs got his start in the closeout business.
JYJ Corporation was formed by Jacobs to run major liquidation events.
Jacobs merges JYJ into COMB (Close-out Merchandise Buyers) and expands
into mail-order and retail distribution to complement the JYJ wholesale
Jacobs and his business partner took public their chain of COMB closeout
stores. The stock soared and the company began hitting lists of the
nation's fastest-growing small businesses.
COMB and several cable television companies formed a joint venture, the
Cable Value Network (CVN), to develop the concept of shopping by
television. A year later, CVN had 14 million subscribers in 47 states.
QVC, a television shopping company, later acquired CVN and COMB's retail
Jacobs led a management buyout of the wholesale division of COMB to form
Jacobs Trading Company. The company was headquartered in a newly
restored office and warehouse location in Minneapolis' warehouse
Jacobs Trading Company became the exclusive liquidator for a major
retailer, handling the retailer's customer returns throughout the U.S.
JTC also opens an additional processing/distribution center in Appleton,
Jacobs Trading Company expanded its operation and moved its headquarters
to an office and warehouse facility located in Plymouth, Minnesota with
multiple distribution centers located throughout the United States.
Jacobs Trading Company expanded again and moved its headquarters to a
300,000 square foot office and warehouse facility located in Hopkins,
Jacobs Trading was acquired by Liquidity Services, Inc. (NASDAQ: LQDT)
which provides leading corporations, public sector agencies and buying
customers the world's most transparent, innovative and effective online
marketplaces and integrated services for surplus assets. Jacobs Trading
is a natural complement to the Retail Supply Chain Group within Liquidity
Services, enhancing its position as the leading reverse supply chain
solution for Fortune 500 retailers and manufacturers of consumer goods.
||Irwin Jacobs acquires Jacobs Trading Company back from Liquidity Services.