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Retailer Roomful Express Goes Into Receivership

Furniture World Magazine

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After serving the western Pennsylvania and eastern Ohio markets since 2000, furniture retailer Roomful Express has been placed in receivership due to sustained poor market conditions and the inability to repay its financial obligations. The receivership order was issued today by the Court of Common Pleas of Allegheny County, bringing to resolution the previous judgment filed by senior lenders.
 
Compass Advisory Partners, a Pittsburgh-based management consulting firm, has been named the court-appointed receiver to manage the disposition of the furniture retailer’s assets and inventory through a “going out of business” sale.  It is the intention of the receiver to satisfy deposits by fulfilling customer orders for merchandise.  Gordon Brothers Retail Partners Group will be assisting with the sales close-out process.
 
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 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 will remain open as its operations will commence a ‘going out of business sale” scheduled to take place during the next few weeks.  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.  All stores will remain open during this process.
 
Many of the company’s associates will retain their jobs through the end of the upcoming sale period, which could last several months.    
 
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