BTWW of Cheyenne will start a liquidation sale today on all merchandise at its remaining 78 retail locations.

BTWW sells western apparel, footwear and accessories. It owns and operates retail stores in 16 states under such names Corral West, Work Wear Depot and Boot Town.

The sale is being managed by a consortium of asset recovery firms, including Hudson Capital Partners, LLC, SB Capital Group, LLC and Tiger Capital Group, LLC.

BTWW has operated under chapter 11 bankruptcy since Nov. 3. The filing was made in Texas.

Jim Schaye, president and CEO of Hudson Capital Partners, said in a press release that $70 million worth of merchandise would be for sale at substantial discounts. All store fixtures throughout the chain also will be sold.

U.S. retail sales have skidded. In October, the U.S. Commerce Department estimated sales down a record 2.8 percent. It was the four month of decline, the worst such streak since 1974.

Corral West Ranchwear and BTWW Retail LP announced a merger of the two companies in January 2007, making it the largest western and work-wear chain. The new company reportedly had 138 retail stories in 20 states.

The transaction involved Corral West Ranchwear and Work Wear Depot, the subsidiary brands of Corral West, and Western Warehouse, Boot Town, Job Site and Sergeant's Western World, the subsidiary brands of BTWW, along with the respective companies' e-commerce and distribution platforms.

Luther King Capital Management of Fort Worth, Texas, was the largest shareholder, followed by Sage Capital Partners, a Los Angeles-based private equity firm. As of Dec. 31, 2006, LKCM had about $7.2 billion in assets under management.

Contact Business Editor Tom Mast at (307) 266-0574 or tom.mast@trib.com