Storehouse Inc., a specialty home furnishings chain known for quality design at affordable prices, will conduct a court-ordered bankruptcy liquidation sale beginning Friday, October 6. The sale was ordered by the bankruptcy court as a result of the Atlanta-based chain’s Chapter 11 filing. The sale was announced by Hudson Capital Partners, LLC, a national firm specializing in retail dispositions and asset recovery, which is managing the liquidation.
Following the liquidation sale, which is expected to take several weeks, all of the Storehouse retail locations will be closed. Storehouse Inc. filed for bankruptcy on May 9, 2006 in the U.S. District Court for the Eastern District of Virginia (Docket #06-0114-SSM).
“The Storehouse liquidation sale was ordered following exhaustive efforts to sell the chain or obtain fresh equity, which proved unsuccessful. The inventory to be liquidated has a value of approximately $60 million,” noted Hudson Capital Partners co-founder Jim Schaye.
The Storehouse merchandise to be liquidated will include furniture, accessories, wall décor, lighting, rugs and other designer items. The sale will involve all of the nearly 70 Storehouse locations in Alabama, Delaware, Florida, Georgia, Louisiana, Maryland, Michigan, New Jersey, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington, D.C.
About Storehouse Inc.
Storehouse offers a sophisticated and eclectic blend of unique furnishings that offer all the elements of home décor. The specialty home furnishings retailer is known for its distinctive collection of upholstery, dining, bedroom and home office furniture with style ranging from contemporary to classic. Two-time winner of the ARTS Award as the most outstanding National Furniture Store and Retailer of the Year for 2003 from Home Magazine.
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