Furniture Factory Warehouse, a leading home furnishings retailer operating 12 stores in South Texas since 1989, announced it has filed for Chapter 11 Bankruptcy protection in the United States Bankruptcy Court for the Northern District of Texas. The company’s decision comes as a result of unfavorable financial conditions, including a sustained decline in furniture sales, according to Paul Thompson, one of the company’s managers.
Furniture Factory Warehouse expects its 12 stores and distribution facilities to remain closed for the short term, pending the Bankruptcy Court’s approval of the company’s Bankruptcy Going Out of Business Sale. In a public statement, Thompson acknowledged the company’s employees and loyal patrons without whom the company could not have grown and enjoyed its many years of success. Company officials also indicated a plan to liquidate inventories, along with their selection of the leading national furniture liquidation firm Planned Furniture Promotions, Inc. to run the bankruptcy liquidation sale, subject to bandruptcy court approval.
"After extensive investigation and careful consideration, we chose Planned Furniture Promotions," said Thompson. "It is important for us to work with a highly experienced and reputable partner in the store liquidation process. Planned Furniture Promotions is committed to the bankruptcy liquidation sale and we believe that the sale will result in the best possible outcome for all our creditors, both secured and unsecured."
Planned Furniture Promotions, Inc. will conduct the Bankruptcy Going Out of Business Sale at the company’s 12 locations in San Antonio, Killeen, McAllen, Corpus Christi, Harlingen, Brownsville and El Paso. " As the premier specialist in conducting furniture liquidation sales and helping furniture retailers realize value, we are pleased to have been selected by Furniture Factory Warehouse to apply our expertise and assist them in this situation," said Tom Liddell, vice president of sales and marketing at Planned Furniture Promotions. He added that many staff would be retained during the liquidation sale period.
Planned Furniture Promotions, Inc. provides high-yield strategic furniture high-impact, liquidation and store closing services. Planned Furniture Promotions, Inc. has conducted numerous Bankruptcy Going Out of Business Sales for many well known retail furniture stores including Wickes, Huffman Koos, Rhodes, American Home and Levitz. For additional information: www.pfpromotions.com