Rhodes, Inc. Files Chapter 11 Plan of Reorganization

Furniture World Magazine

Rhodes, Inc. announced that it filed on June 20, 2005 a chapter 11 plan of reorganization and accompanying disclosure statement with the United States Bankruptcy Court for the Northern District of Georgia. Rhodes expects to emerge from bankruptcy by early fall. Joel H. Dugan, who has been named Chief Executive Officer and President of Rhodes effective July 5, 2005, stated "The filing of a chapter 11 plan by Rhodes is an important, first step towards exiting bankruptcy. Rhodes continues to implement its reorganization strategy and looks forward to concluding its chapter 11 case soon." Rhodes' current CEO, Steven S. Fishman, commented, "We appreciate very much all the support from our vendors and the hard work by our employees. This major development would not have been possible without them." Rhodes, Inc., headquartered in Atlanta, Georgia, is one of the largest furniture retailers in the country, offering brand-name residential furniture to middle- and upper- middle income customers through 64 stores located in 11 Southern and Midwestern states.