Great Lakes Home Furnishing to Close and Liquidate Assets

Furniture World Magazine

Officials at Great Lakes Home Furnishings confirmed today that the company will be closing and going through an orderly liquidation due to a series of circumstances reflective of today’s economy and troubled banking environment. “Our company was notified by our bank that they want immediate repayment of our building mortgage, in effect eliminating our cash flow,” said owner Ken Machiela. “They also requested a large payment in a very short time frame. That sum is not available in such a short timeframe.” Great Lakes Home Furnishings operates two locations at 2975 West Shore Drive in Holland, MI and 403 State St. in St. Joseph, MI. The company has been in operation 1964, with their second location opening in downtown St. Joseph in 2000. The company informed its 70+ employees of the situation Friday. “We have been working to try to resolve the situation through negotiations, however we could not reach agreement to continue on a long term basis,” shared Machiela. “The hard fact is the bank seems unwilling to work with a small business so closely related to the housing market.” We are deeply saddened by the impact of these actions on our employees, our community, and our family. The going out of business liquidation sale, conducted by SPCI Companies of Denver, will begin on Friday, February 27. During this time we will retain as much staff as is appropriate in order to help through this transition. The closing will mark the end of a 45 history in business that just last year was awarded National Home Furnishings Retailer of the Year. “We’ve been fortunate to have hard working conscientious employees as a part of our company for years now,” Machiela said. “As I near the end of my career, this is the hardest thing I have ever had to do.” Manager of the St. Joseph store, Stephanie Grill said, “It has been a pleasure and honor to work with Ken and the team at Great Lakes Home Furnishings over the years. I know this is a hard decision, but it is the only option that can be taken at this time.” The closing of Great Lakes Home Furnishings is for that business only, and not the other businesses currently located inside the building.