Wickes Furniture Files For Chapter 11 Bankruptcy

Furniture World Magazine

The Chicago Tribune reported that, "Wickes Furniture Co., hit by the downturn that has hit furniture retailers in the wake of the housing industry's big slump, filed Sunday for Chapter 11 bankruptcy protection." Reuters further reported that, "In the filing, made in federal court in Delaware on Feb. 3, the Wheeling, Illinois-based company lists debts of more than $50 million and assets of no more than $50,000." It was also noted in the Reuters piece that, "Wickes Holdings, the company is seeking a transaction involving a sale of or investment in its business. If an investor is not located, it would liquidate its assets." Wickes furniture was founded in 1971 and operates 43 showrooms and five distribution centers in California, Illinois, Indiana, Nevada and Oregon. The company employs more than 1,700 people. It is owned by Sun Capital Partners, Inc., a private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies. In January, the company announced the introduction of the Cindy Crawford Home line exclusively in its California, Illinois, Indiana and Oregon showrooms. They also recently opened a 40,000 square-foot showroom in Las Vegas, their second in that city.