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Texas Based Furniture Retailer Lack's Stores To Close

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The Lufkin Daily News reported that, Lack's will close 36 stores and file for Chapter 11 bankruptcy. The chain, founded in 1938 had $200 million in sales and employed 1,200 associates at its peak.

The article noted that, "The 2008 economy proved too much for Lack’s Stores, Inc. Lenders informed the company they no longer wish to lend money on consumer receivables, despite the company’s history of borrowing funds from banks and other lenders over the years, a press release from the company stated."

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