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Roomful Express' 13 Locations Remain Open As It Renegotiates Debt

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Furniture retailer Roomful Express announced that it is in the process of negotiating a resolution to the financial issues it faces due to sustained poor market conditions and the inability to repay its financial obligations.  The company is currently negotiating with its senior lenders to workout possible remedies to a judgment filed against the company for a debt payment of approximately $18 million.
 
Furniture store retail sales in the United States, including at Roomful Express, have suffered double-digit revenue declines this year compared to a year ago.  Lower housing starts and a poor credit card environment have been significant factors in the decline of consumer confidence when it comes to purchasing furniture and larger ticket household items.
 
All of the company’s existing 13 locations in western PA and Ohio are open.  Roomful Express operates 10 stores in western PA, one store in St. Clairsville, Ohio and two stores operating under the name Ashley Furniture Home Stores in the Johnstown-Altoona market. 
 
During the past two years the company has attempted to restructure its business to reduce overhead costs in response to market conditions.  The company hopes to achieve a resolution to this financial matter during the next week.