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Roomful Express Negotiates Over $18M Debt
December 2,
2010 by in UnCategorized 
By Home Furnishings Business in economic news on December 3, 2010
Pittsburgh-based furniture retailer Roomful Express said today in a press release that it is in the process of negotiating a resolution to financial issues brought on by the strained economy.
The retailer said it faces an "inability to repay its financial obligations."
The company is currently negotiating with its senior lenders to workout possible remedies to a judgment filed against the company for a debt payment of about $18 million.
In the release, the company pointed out that furniture store retail sales in the U.S., including at Roomful Express, have suffered double-digit revenue declines this year compared to a year ago.
The company operates 13 stores in western Pennsylvania and Ohio11 are Roomful Express stores and two stores are
Ashley Furniture HomeStores.
The release continues to say "During the past two years the company has attempted to restructure its business to reduce overhead costs in response to market conditions. The company hopes to achieve a resolution to this financial matter during the next week."