Denver Mart is set to close doors after defaulting on loan

The sprawling Denver Mart in Adams County will close its doors this spring after more than five decades of operation, according to a recent letter sent to vendors and a statement on its website.

The ownership of the longtime host of wholesale markets, expos, trade shows and annual events for anglers and gun enthusiasts so far has declined to comment on the impending closure. But it’s the result of a loan default and expected sale of the complex, says a letter reported Wednesday by KDVR-Channel 31.

The financial troubles appear to predate the coronavirus pandemic, though it has affected the Denver Mart significantly in the last year. Trade shows and events have been canceled or postponed because of restrictive crowd-size limits imposed for special events by public health authorities, though some vendors have continued to operate at the complex by appointment.

It’s unclear whether a buyer would resume operations or find a new use for the property at 451 E. 58th Ave. The Adams County assessor’s office estimates the property’s value at $26 million.

Management told vendors and event staff in last week’s letter that the Denver Mart’s connected buildings, which have more than 800,000 square feet of space, will close to the public at the end of March, with any remaining events canceled beginning April 1. Its vendors will have until April 30 to vacate their spaces.

“The property since March 2020 has been (in) default with its lender, is now being placed into a receivership proceeding, and will be sold through this receivership process by the end of March 2021,” the letter says, according to KDVR. “Since July 2020, The Mart’s lender has maintained full control over The Mart, including retaining all income and approving all expenses.”

Now, it says, “the lender must proceed in recovering the outstanding loan balance plus accrued expenses through a receiver-controlled sale of the property.”

Reached on Thursday, Misty Flachman, the Denver Mart’s general manager of trade shows, said CEO Todd Herrick planned to issue a news release about the matter soon. She said nobody at the organization was available to comment.

“When Todd is ready to release it, he will,” she said.

The letter to vendors says the owners hope to revive the mart at a different location. A brief message on the Denver Mart’s website seems to echo that optimism, stating: “As of March 31, 2021, the Denver Mart with close its doors. This location is going away but your favorite showrooms and exhibitors will be available for you!”

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